Type of use: Business house with office, retail and residential areas
Letable area: approx. 10.500 sqm
Description The "Rheinblock" was built between 1955 and 1960 and is situated at the edge of the city centre of Ludwigshafen. Especially the development project "Rheingalerie" (ECE shopping centre) in the close vicinity made this property strategically interesting.
Performance through active asset management
Acquisition from Insolvency Occupancy rate: 65% leased-out Substantial lag of reconstruction and fire protection deficiency Problems in letting especially with the retail area
At the time of acquisition there was missing the elementary technical and commercial documentation which was restored by propertyAMI as the first measure. Parallel to the realization of a very broad structural fire-protection measure we could achieve a renewal of the lease contracts of the current tenants on a long-term basis. Several units were refurbished in the context of the new lettings. The vacancy of the retail areas could get reduced substantial in 2010. Since the first quarter of 2011 we started the realization with some embellishment works in the entrance area and in the hallways.
(2011) Occupancy rate: 85% leased-out Increase of the cash flow: 55%
