- Renovation and conversion for upmarket living right next to the Spree
- Revenue volume of around EUR 65 million
- Joint marketing with Berner Group
Berlin, 8 April 2010 - ESTAVIS AG has acquired a property measuring around 37,600 square metres in Berlin comprising several listed buildings in direct vicinity of the Spree. The listed ensemble on the site of the former Glanzfilmfabrik, a film factory in Köpenick is to undergo high-quality renovation and conversion. Some 230 apartments will be built in three construction phases. Furthermore, the construction of new town houses is planned. The anticipated revenue volume will amount to around EUR 65 million.
“By acquiring and renovating this unique listed ensemble in Berlin we are expanding our range of premium quality residential real estate in the upmarket price segment,” says Florian Lanz, Chief Executive Officer of ESTAVIS AG. “At the same time we are strengthening our core business area with a lucrative major project that will have a positive effect on the future business development of ESTAVIS.”
The listed residential ensemble will be jointly marketed with Berner Group. Berner Group counts among Germany’s leading providers of real estate capital investments products. Over the past 30 years, the company has brokered real estate and financing deals in an aggregate volume exceeding 4.7 billion Euros.
ESTAVIS and Berner Group will jointly market selected real estate projects in the future. The focus will be on listed real estate in the upper price segment.
The first of the joint projects involve the historic “Glanzfilmfabrik Köpenick” plant in Berlin and “Am Ruinenberg” indoor riding arena in Potsdam - a modern housing estate with historic ambience will be raised on the grounds of a former cavalry barracks in Potsdam. Renewable energy will play a major role in the conversion of the historic indoor riding arena.
About ESTAVIS AG
ESTAVIS offers institutional and private investors bespoke solutions in the context of residential real estate in Germany. Options extend from the conceptualisation of new commitments all the way to the liquidation of existing direct or indirect single or portfolio investments. To this end, ESTAVIS will orient the entire supply chain to a successful exit, including procurement, optimisation, and eventual sale. An essential success factor and competitive advantage of ESTAVIS is the company’s clout in property retailing. ESTAVIS AG is seated in Berlin, and is listed in the Prime Standard of the Frankfurt stock exchange (ISIN: DE000A0KFKB3).
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