Purchase from insolvency with short term contracts
Description In former times the building was used by the toy manufacturer Mattel. Besides the anchor-tenant "Lufthansa Sitzverkauf" there were only detailed and short termed tenancies at the date of acquisition. Half of the building was vacant.
Performance through active asset management
Situation by acquisition Year of purchase: 2008 No valid lease contracts (merely surrenders of use) Poor technical documentation Lag of maintenance and repair Lag of building and using permits for current tenancies Occupancy rate: 46% leased out Rate of non-reimbursable costs: approx. 25%
First of all the expiring surrenders of use were transformed in long-term lease contracts and the required construction approvals for the given use were obtained. Associated with that, the fire prevention was updated. The technical documentation worked up gradually und urgent reinstatement works were caught up. Besides the renewal of the gas-fuelled central heating system, the media supply was slit-up consequently. The anchor-tenant "Lufthansa" could get secured on a long-term basis.
Current situation(2011) Occupancy rate: 100% leased out Performance: Increase of the market value about 80% Reduction of the rate of non-reimbursable costs to: approx. 8%
