(BERLIN) – Hines, the international real estate firm, has acquired a 231,424-square-foot residential development site known as Wohnpark Südkreuz in the Schöneberg district of Berlin. This marks the firm’s first private rental sector (PRS) development project in Germany.
In a joint venture with a private German real estate fund, Hines has secured the prime development site in Schöneberger Linse, an area of Berlin which is rapidly developing into a new and desirable neighborhood in the city.
The plan is to create 530 rental apartments of different sizes, totaling 570,487 square feet – ranging from micro-apartments, generously proportioned family units, all the way to subsidized apartments, which reflect the Berlin model of cooperative construction development. In addition, commercial premises will be built in the complex to cater to residents' every day needs, along with a day care center and units for age-appropriate living. E-bikes will be provided in order to increase livability and quality of life for residents, and communal areas will be created where people can gather for a neighborhood barbecue or to play sports. The residential complex is targeted for a mid-2019 completion.
Lars Huber, co-CEO of Hines Europe, said, “The development of the Wohnpark Südkreuz site is part of our wider pan-European strategy to develop PRS in several European locations. At present we are also developing rented residential projects in Ireland and the Netherlands.”
Christoph Reschke, senior managing director of Hines Immobilien GmbH, added, “The site has huge development potential and is ideally suited for the construction of rental apartments. This is an attractive site where we can apply our world-renowned expertise, and can also realize our concepts for contemporary rental apartments in the German market for the first time. We are proud to meet the challenge.”
Joachim Wintzer, director of Hines Immobilien GmbH, is pleased to be able to begin realization of the residential complex after the appraisal phase. He said, “We have a range of new ideas for attractive, contemporary living. Our goal is to create innovative living concepts and optimum quality of life.”
The site has excellent infrastructure thanks to the main-line Südkreuz train station within easy walking distance, the city rail and subway stations Schöneberg and Innsbrucker Platz, and the A100 autobahn in the immediate vicinity. The area is already distinguished as an attractive place to live by the recreational opportunities close by, including the Cheruskerpark, as well as the available health care facilities.
Hines Immobilien GmbH acted as the acquisition manager in Berlin and will take on the strategic development and realization of the new Wohnpark Südkreuz. The site was sold by Projektgesellschaft Wohnpark “Südkreuz” Berlin-Schöneberg GmbH, represented by the project developer Ulrich St. Ph. Elberskirch and Florian Altmann. This company had initiated the development plan procedure.
Hines was advised in the acquisition by Pöllath + Partners. On the seller's side, advice was provided by the firm KWS Auditors Tax Consultants and Attorneys (Legal: Attorney Konstantin Sassen – Tax: Auditor/Tax consultant Michael Weckbecker).
Since the opening of the German office in 1991, via Hines Immobilien GmbH, Hines has acquired or developed 37 properties representing approximately 1.6 million square meters for Hines or third parties, including high-profile properties such as Maintower and Silberturm in Frankfurt; Sony Center and Wohnpark Südkreuz in Berlin; Hofstatt, Uptown München and OSKAR in Munich; Benrather Karree and Kö-Quartier in Dusseldorf, and Postquartier and Kronprinzbau 1+2 in Stuttgart. In Germany, Hines Immobilien GmbH currently manages real estate assets with a total value of approximately 3.5 billion euros as an asset or development manager. In Germany, Hines has already developed various projects for condominiums. The company has purchased rental apartments also as part of its long-term portfolio, for example in the Überseequartier in Hamburg and in the Sony Center in Berlin.
Hines is a privately owned global real estate investment firm founded in 1957 with a presence in 192 cities in 20 countries. Hines has $93.2 billion of assets under management, including $47.9 billion for which Hines provides fiduciary investment management services, and $45.3 billion for which Hines provides third-party property-level services. The firm has 105 developments currently underway around the world. Historically, Hines has developed, redeveloped or acquired 1,180 properties, totaling over 379 million square feet. The firm’s current property and asset management portfolio includes 483 properties, representing over 199 million square feet. With extensive experience in investments across the risk spectrum and all property types, and a pioneering commitment to sustainability, Hines is one of the largest and most-respected real estate organizations in the world. Visit www.hines.com for more information.