- —INVESTMENTS AND CO-INVESTMENTS
- —TRANSACTION MANAGEMENT
- —ASSET MANAGEMENT
- —DEVELOPMENT
- —REAL ESTATE SERVICES
MANAGEMENT
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Divestment from the Stella del Mar development in Jesolo, Italy and sale of shares.
The Stella del Mar project comprises the development and construction of a luxurious apartment complex designed by star architect Richard Meier from New York. The complex consists of approx. 100 residential units on the Jesolo beach promenade, not far from Venice.
December
Founding of two real estate development companies in Berlin, KRONBERG Projektentwicklungsgesellschaft Berlin 1 and Kronberg Projektentwicklungsgesellschaft Berlin 2, for a joint venture with Gewobag, a Berlin-based public housing association. The joint venture’s objective is to acquire and develop plots of land in Berlin and the surrounding areas. The plans envisage the construction of privately financed, publicly subsidised residential buildings and social housing.
The merger results in a 60 (Gewobag) / 40 (KRONBERG) split of shares.
August 2017: Engel & Völkers Investment Consulting GmbH (EVIC) has brokered an existing portfolio of arsago Real Estate for KRONBERG RE Germany. The transaction of three regional companies took the form of share deals. In total, 391 residential units and 56 commercial units were sold. The contracting parties agreed not to disclose the purchase price. The portfolio consists of a total of 47 properties with around 32,600 square meters, of which eleven are in the Rhine-Ruhr area and 36 in Saxony.
May 2017: KRONBERG International has acquired 100% of the share capital of the Varna EAD mall from Raiffeisen Bank International AG, Vienna, through one of its subsidiaries. The mall Varna EAD is the sole owner of a shopping center with 32,000 m² of rental space. The total area is 65,000 m² with around 150 retail outlets. The mall is in a prime location and has entertainment areas. The shopping center has five aboveground floors, one floor with office space and three basement levels with a total of 370 underground parking spaces and 230 outdoor parking spaces. Kronberg International sees great potential in the mall and plans to develop it further as an important regional shopping center. KRONBERG International was invited by Raiffeisen International Bank AG to submit an offer for the mall and was the winner of the bidding process.
The Ärztekammer Steiermark has sold its stake in a Berlin real estate portfolio to a leading German residential real estate company. Joint venture partner KRONBERG International remains invested. The selling price is well above the book values and should be reinvested in new real estate projects. The transaction comprises 32 properties with 969 rental units. The representative Wilhelminian style buildings are located mainly in the central districts Mitte, Prenzlauer Berg and Friedrichshain. The usable area amounts to around 70,000 m2. The two joint venture partners, Ärztekammer Steiermark and Kronberg International, remain active even after the partial sale of the real estate portfolio on the Berlin real estate market.