DGAP-News: TLG IMMOBILIEN AG / Key word(s): Market launch/Real Estate
TLG IMMOBILIEN is developing over 35,000 sqm of office space in Dresden city centre
- Building permit received for NEO, application filed for Annenhöfe
- For both projects construction is expected to start in 2019
- 15,000 sqm and 20,000 sqm of office and service space are being created in the city centre
- The pre-letting rate of NEO is already 43%
'In recent years, the demand for office space in central Dresden has grown steadily as vacancy rates have decreased and the trend can be expected to continue', says Maik Müller, Senior Asset Manager of TLG IMMOBILIEN in Dresden. 'As such, it is very welcome news that new office space is going to be created here to modern standards in the foreseeable future.'
'We have already been successful in building commercial properties in Dresden and, based on our analyses, still see outstanding potential in this location', says Jürgen Overath, Chief Operating Officer of TLG IMMOBILIEN. 'The development of new properties on plots of land that are in the portfolio in order to tap the potential for value generation will remain a key element of the strategy of TLG IMMOBILIEN in future and be focused primarily on Berlin and Dresden', continues Overath. TLG IMMOBILIEN is building on extensive experience in the city with the two projects. For example, the company developed the office and commercial property 'Wilsdruffer Kubus' on Postplatz in 2008 which was followed by other new builds including the neighbouring hotel and office building 'Zwingerforum'. Both properties are currently fully occupied by creditworthy tenants. At present, the portfolio of the company contains 44 office, retail and hotel properties with a useful area of around 230,000 sqm in Dresden.
NEO stands for Neustadt (district), efficiency and offices in an excellent location - The NEO project will be developed in collaboration with KPE Projektentwicklung GmbH & Co. KG, Wiesbaden. 43% of the space has already been pre-let to an international e-commerce company for a ten-year term. This rental agreement was brokered by Cushman & Wakefield. There is a further demand for the other vacant space. TLG IMMOBILIEN will create around 15,000 sqm of lettable area certified under the green building standard LEED Gold as well as 132 parking spaces for cars.
With an area of 7,203 sqm, the plot of land is in the vicinity of the train station Dresden-Neustadt and, for instance, connects to the A4 autobahn via the B170 arterial road. The ensemble will fit in perfectly with the surrounding development with its modern, timeless architecture. It will be possible to implement any office concept, be it traditional or modern, in the office building which can accommodate multiple tenants. The tenants of NEO can customise their office space to suit their own preferences and the requirements of their businesses, be it an open-plan office, combi office, cellular office, open space or desk-sharing concept. Anyone interested in the vacant lettable areas can contact the landlord of TLG IMMOBILIEN in Dresden at any time.
The Annenhöfe building project was presented to the Dresden Gestaltungskommission in early 2019. The application for a building permit was filed at the end of April. The building project is to be realised right in the old town of Dresden, not far from the historic Zwinger. Annenhöfe will therefore enjoy outstanding transport connections in an optimal central location. Based on the current plans, around 20,000 sqm of office and service space is to be created on the currently undeveloped 7,431 sqm of prime real estate. The company also plans to create 264 parking spaces for cars and another 400 spaces for bicycles in the two-storey underground car park of the property. Marketing has already begun for the space.
In early 2019, TLG IMMOBILIEN expanded its strategy of generating value within its portfolio through strategic investments and development activities. For the identified properties TLG IMMOBILIEN is now going to obtain building permits gradually and to start construction.
VISUALISATIONS OF THE PROPERTIES
ABOUT TLG IMMOBILIEN AG
For over 25 years, the listed company TLG IMMOBILIEN AG has owned and rented out commercial properties in selected promising locations in Germany. The company continuously develops its portfolio and actively generates value through strategic investments and selected property acquisitions. As at 31 March 2019, its portfolio contains properties worth in excess of EUR 4.1 bn. As at the same reporting date, the EPRA Net Asset Value per share amounted to EUR 26.67. The portfolio comprises office properties in cities including Berlin, Dresden, Frankfurt/Main, Leipzig and Rostock. It also contains a regionally diversified portfolio of retail properties, primarily in the neighbourhood shopping segment, in promising micro-locations as well as seven hotels in top central locations. The properties of TLG IMMOBILIEN AG stand out not only due to their excellent locations but also because of their long-term rental or lease agreements. Its highly qualified employees guarantee extensive local market expertise at its individual locations.
This publication contains forward-looking statements based on current views and assumptions of TLG IMMOBILIEN AG's management and made to the best of knowledge. Forward-looking statements are subject to known and unknown risks, uncertainties and other factors that could cause TLG IMMOBILIEN AG's revenues, profitability or the degree to which it performs or achieves its targets, to materially deviate from what is explicitly or implicitly stated or described in this publication. Therefore, persons who obtain possession of this publication should not rely on such forward-looking statements. TLG IMMOBILIEN AG accepts no guarantee or responsibility regarding such forward-looking statements and will not adjust them to future results or developments.
|Company:||TLG IMMOBILIEN AG|
|Phone:||030 - 2470 - 50|
|Fax:||030 - 2470 - 7337|
|Listed:||Regulated Market in Frankfurt (Prime Standard); Regulated Unofficial Market in Berlin, Dusseldorf, Hamburg, Hanover, Stuttgart, Tradegate Exchange|
|EQS News ID:||840647|
|End of News||DGAP News Service|