Berlin building boom continues according to The Wall Street Journal

A Building Downturn? Not in Berlin

Developers Move Ahead With Projects in Areas Opened by Wall's Fall

By WILLIAM BOSTON for the Wall Street Journal

June 11, 2008

BERLIN -- Even as the economic outlook darkens in Europe, developers here are trying to further plans for the latest stage in the massive series of developments to rebuild Germany's capital after the fall of the Berlin Wall.

Developers still get giddy when they recall those heady days after Germany unified and Potsdamer Platz, for decades buried under a minefield in the no-man's land that divided East and West, was transformed into a bustling commercial center. But that megaproject seems small compared with the ambitious development the city is hoping to kick off now. By the beginning of 2009, the first building cranes are expected to go up as development of the wasteland around Berlin's new central train station gets under way in earnest.

"This is about the creation of a new city district with the development of huge plots that will be much larger than Potsdamer Platz," says Holger Lippmann, managing director of the Liegenschaftsfonds Berlin, the state-government agency charged with selling property owned by the city.



The development includes three distinct multiuse projects with some 9.8 million square feet of new stores, office buildings and apartments. First in line is Humboldthafen and the area around Humboldt Harbor called the Spreebogen on the Spree River, which flows past the new train station and near the Chancellery and the Reichstag. Next will be two areas north of the train station, the Lehrter Stadtquartier and the Heidestrasse development.

The development is moving forward even as other large projects around the world are stalled by the credit crisis. This is especially true in the U.S., where a lack of financing has forced developers to slow or stop major projects in New York, Dallas, Phoenix and Seattle.

In Europe, some high-profile projects are still making headway. In Paris, a 9.1 million-square-foot development at the site of the former Renault factories in Boulogne-Billancourt is fully financed and about one-third complete, says Michael Topham, chief executive of Hines Europe, the developer. Hines also is taking the lead on another major project, the Porta Nuova, or new gate, in Milan. Planned are 3.9 million square feet of offices, apartments, retail space and a park -- all crisscrossed by bicycle paths -- on fallow industrial land near the Garibaldi train station.
In London, meanwhile, the "Shard of Glass" tower, planned to be completed by the end of 2011, is moving ahead after a change of investors. A British developer, Sellar Property Group, is still overseeing construction, but in January Qatari investment bank QInvest, Qatar National Bank, Qatari Islamic Bank and Barwa bought out CLS Holdings and the Halabi family trust. The Qatari investors have pledged to back the lion's share of the estimated £2 billion ($4 billion) in building costs.

Berlin officials are optimistic about the Humboldt Harbor project because the first plot for development was sold in April to a group of Spanish investors. Details of the deal and the identity of the buyer are being withheld until the deal gets approval from the city of Berlin, which is expected by July.


Berlin completed the new Potsdamer Platz, featuring the SONY Center with its futuristic glass dome, the first of several planned city-wide development projects.

The site is to include restaurants and a hotel, which may prove to be a tricky endeavor, because Berlin has seen a number of hotels built in recent years and its room rates are less than those in such major cities as London and Paris. But Mr. Lippmann says that after the Berlin Wall fell, undeveloped inner-city spaces became available that simply don't exist in cities such as Paris, London, Rome and New York. "In commercial and office property, you usually don't start building until you've rented 70% of the space," Mr. Lippmann says. "But it's different here. The location is so exceptional, you know you'll find tenants in the hotels and offices."

Germany's major commercial-property markets continue to be robust, showing falling vacancy rates and rising rents for top-class office space, according to CB Richard Ellis, a real-estate-services group. While London prime rents fell more than 7% in this year's first quarter, there was no change in Germany's major markets, the firm says.

Before World War II, Humboldthafen was Berlin's oldest and largest inner-city harbor, where ships would dock and unload raw materials. The area was flattened by Allied bombing during the war and then left as a wasteland for decades after Berlin was divided. After German unification in 1990, the area near the Reichstag to the south of the Spreebogen became the new government district. In 2006, a new central station opened on the north shore at the site of the destroyed Lehrter Station, and plans were made to develop the harbor and the empty land north of the station.

Mr. Lippmann says a Europe-wide tender for bids for a second plot will begin in late June. He expects to conclude sales of the remaining Humboldthafen properties by early next year.
Development of the Lehrter Stadtquartier and the Heidestrasse isn't expected to get under way in earnest until 2010 or 2011, says Wilhelm Brandt, a spokesman for Vivico Real Estate. The major construction will include a hotel and convention center and an office tower. Mr. Brandt says Vivico is negotiating with developers for the hotel and convention center. "We expect to conclude those talks within the next few months," he said.

source: http://online.wsj.com/article/SB121314363747162745.html

Goldman Sachs to Buy 93,000 Apartments in Germany

June 11 (Bloomberg) -- Goldman Sachs Group Inc. agreed to buy 93,000 apartments from the German state of North Rhine- Westphalia, two people with knowledge of the transaction said, to take advantage of rising rents.

Goldman's Whitehall real-estate funds will pay 3.5 billion euros ($5.4 billion) for LEG GmbH, the owner of the homes, the Financial Times Deutschland reported today. The newspaper cited unidentified lawmakers in Dusseldorf, where LEG is based.

The auction of apartments in cities such as Cologne, Essen and Bonn attracted 13 bidders, including British financier Guy Hands. In 2004, Goldman and the Cerberus investment fund purchased homes in Berlin for 2 billion euros including debt.

The German market offers investors ``stable returns with little risk,'' said Lars Dierkes, an analyst at research firm Investment Property Databank. ``As long as rents increase faster than interest on loans, we'll see bidders queue up for these properties.''

Monika Schaller, a spokeswoman for Goldman in Germany, declined to comment on the transaction.

North Rhine-Westphalia, Germany's most populous state, is striving to balance its budget by raising money from asset sales. The state is the largest single shareholder in WestLB AG and in March agreed to bail out the Dusseldorf-based bank by covering as much as 5 billion euros in potential losses.

LEG, whose full name is Landesentwicklungsgesellschaft Nordrhein-Westfalen GmbH, earned 16.8 million euros in 2006 while revenue amounted to 553 million euros. The company has debt of about 2.4 billion euros, Die Welt reported May 16.

Higher Returns

Investments in German residential properties returned 6 percent last year, according to IPD.

That was more than the overall return of 4.5 percent for stores, offices and homes in the country.

Goldman and Arcandor AG set up a company in 2006 to buy most of the German retailer's properties. Goldman's Whitehall funds owned 51 percent of the venture and the deal was valued at about 4.5 billion euros, Arcandor, then known as KarstadtQuelle AG, said at the time.

Last year, the Whitehall funds bought 2.45 billion euros of German property assets from Degi Deutsche Gesellschaft fuer Immobilienfonds mbH, a real-estate investment company then owned by Allianz SE, Europe's biggest insurer.

North Rhine-Westphalia owns about 68 percent of LEG directly and another 22 percent through a bank. The state government is due to hold a briefing about the transaction at 2 p.m. in Dusseldorf.

To contact the reporters on this story: Nadja Brandt in Los Angeles at nbrandt@bloomberg.net; Brian Parkin in Berlin at bparkin@bloomberg.net.

source: http://www.bloomberg.com/apps/news?pid=20601100&sid=a1s2X8Ip2qII&refer

Wide open spaces, high in Berlin

For most of the past century - and even today - Berlin was a city struggling to rebuild itself and, later, a symbol of Cold War divisions. Now, however, the city is becoming known for something else entirely: sprawling lofts and apartments.

With an abundance of unused factories and warehouses and a wealth of Jugendstil, or Art Nouveau, houses available for renovation, Berlin developers are finding new ways to inject style into the city's high-end housing market.

"In the last two years, the luxury housing market has really taken off in the center of Berlin, as more and more people decide that they would rather live in the heart of the city than on the outskirts," said Sascha Hettrich, a managing partner of the real estate advisory agency King Sturge, based in Berlin.

"But there is a shortage of homes that are larger than 120 square meters, so loft spaces and converted apartments in houses built between 1880 and 1930 are becoming extremely sought-after," he said.

In particular, districts like Charlottenburg-Wilmersdorf, Dahlem and Zehlendorf in the western part of the city are popular because of their good transport links, fashionable boutiques and wide range of restaurants.

Over on the eastern side, Mitte and Prenzlauer Berg are being gentrified, with a lot of both residential and commercial real estate construction under way, said Roy Frydling, the Berlin-based managing director of the real estate advisory firm Savills in Germany.

Berlin is following in the footsteps of cities like London and Chicago, where loft living has long been popular. Now, warehouses and factories, some of them along the Havel and Spree rivers, are being converted into spacious lofts of 150 square meters to 250 square meters, or 1,615 square feet to 2,690 square feet, Hettrich said.

Among the conversions already under way is a range of luxury apartments and lofts in Prenzlauer Berg, Mitte and Charlottenburg by 213, the Berlin-based architectural firm and developer. The company has created three lofts on one floor of a 1960s-era apartment building in Prenzlauer Berg, said Markus Schell, 213's managing director.

One loft has just been completed and the remaining two will be finished in July, although all three already have been sold. They range from 140 square meters to 200 square meters, with price tags of €355,000 to €715,000, or $560,000 to $1.12 million, depending on factors like size and finishings, he said.

For Paul Landymore, a former British bus company owner who is moving in, his new loft "ticked all the right boxes" for him and his German partner, who relocated from Exeter, in Devon. "We wanted a top-floor apartment so that we wouldn't have noise from above, and being able to put our own mark on it was a real bonus. We wanted to be in Prenzlauer Berg, because it's an area we really like because of the mix of people, both German and foreign, as well as the bars and cafes," Landymore said. "For us, this is a home, a fresh start - it's not an investment."
In Charlottenburg, 213 is working on similar lofts. Next year, the developer also intends to start renovating an old factory in Prenzlauer Berg, which will be converted into about eight lofts, all with "hanging gardens," Schell said.

The lofts, which will average about 250 square meters, are likely to cost between €600,000 and €800,000, he added.

One of the largest conversions in the city has been the Paul-Lincke-Höfe project, designed by the Berlin-based architectural firm Langhof and developed by Realprojekt Bau-und-Boden.

For the project, an old factory in Kreuzberg, right in the heart of the city, has been converted into 116 lofts ranging from 80 square meters to 250 square meters. The lofts are grouped around five "Gardens of Paradise," which were inspired by the Brothers Grimm fairy tales, according to Martha Schwartz, the American artist and landscape architect who designed them.

Over in Zehlendorf, Vohl Immobilien Partner is converting an old electronics factory into loft spaces ranging from 66 square meters to 400 square meters, all with ceilings 4 meters, or 13 feet, high. They cost between €180,000 and €1.1 million, without kitchen fittings. Many of the lofts have been sold.

Loft spaces, excluding fittings, usually sell for €1,800 to €2,800 a square meter, which can increase to as much as €4,500 for finished warehouses, said Hettrich of King Sturge.
Apartments in older houses, including Art Nouveau properties, typically sell for €3,000 to €4,000 a square meter, or about €400,000, and prices have risen about 10 percent in the past five years, said Frydling of Savills. However, prices in the city are not likely to grow by more than 5 percent this year and could stay flat, according to Savills.
Such prices are low in comparison with those in other German cities: In Frankfurt, a luxury apartment in a good location typically sells for about €5,000 a square meter; in Munich, about €10,000 a square meter.

Demand for luxury homes in Berlin has increased since the German Parliament relocated to Berlin from Bonn in 1999, according to Thomas Scharf, chief executive of the Berlin-based real estate firm Renaissance Real: "We have seen a massive increase in the number of people looking for luxury homes here. In the past four years, we have had between 100 and 150 requests a month for such properties, up from 15 to 20 a month previously."

In addition to domestic demand, there is a lot of interest being shown by celebrities, Russians and Middle Easterners, who are typically willing to pay very high prices, Scharf said.

However, unlike the share in other world capitals like London and New York, the luxury housing sector in Berlin accounts for only about 4 percent of the total market, including rentals.

Because of local government caps on rentals in Berlin, which keeps many rents low, and because of little capital growth, there is little incentive for people to get on the housing ladder, said Andrew Groom, head of the German valuation advisory department at Jones Lang LaSalle real estate in Frankfurt.

As a result, just 13 percent of all residents in the western part of the city own their own homes, compared with 45 percent in the state of Hessen, where Frankfurt is located, and 49 percent in the Bavarian capital of Munich, according to BulwienGesa, the German real estate consultancy.

By Sara Seddon Kilbinger from International Herald Tribune

Published: May 29, 2008

Paul-Linke-Höfe - Berlin loft project

Die Paul-Lincke-Höfe befinden sich in Berlin Kreuzberg. Eine ehemalige Telegraphenfabrik wurde umgebaut, aufgestockt und einer neuen Nutzung zugeführt. Es entstanden 116 Lofteinheiten mit Größen von 80 bis 250 qm, die sich um fünf "Paradiesische Gärten" gruppieren. Die neuen Hofgärten werden von der amerikanischen Landschaftsarchitektin Martha Schwartz nach Motiven aus Grimms Märchen gestaltet. Gemeinsam mit den modernen und großzügigen Wohn- und Arbeitsräumen prägen sie die Gesamtatmosphäre der Immobilie und verleihen den Paul-Lincke-Höfen eine ganz eigene Identität. Charakteristisch für die neuen Paul-Lincke-Höfe sind die tonnenförmigen Dächer mit Gauben, die aus dem zweigeschossigen Dach herausragen und die nahezu raumhohen Fenster, welche die Großzügigkeit der Wohnungen unterstreichen. Ziel des Entwurfes war es, einen faszinierenden innerstädtischen Ort zu kreieren, der den wachsenden Wunsch nach individuellem Lebensraum erfüllt und die Menschen zum Wohlfühlen verführen kann.

Quelle: LANGHOF®

weitere Infos:

http://www.langhof.com/deutsch/index_f.htm

http://www.nixdorf-immobilien.de/eingang.shtml

"Wide open spaces, high in Berlin " - article in International Herald Tribune

Buying Property in Berlin - from the Sunday Times

Almost 20 years after reunification, Berlin’s bohemian lifestyle is attracting overseas buyers. Just don’t expect a quick profit

Berlin is a new city; the newest I have ever seen,” Mark Twain remarked in 1891. He might well say the same today. Nearly two decades after reunification, the German capital’s landscape continues to be redrawn. The division between east and west that once defined the city is now barely noticeable - just a few desultory chunks of the Wall remain - and the city is thriving as a hotbed of modern, experimental architecture. With a unique combination of cold-war history and a reputation for hedonism, Berlin is bang on the zeitgeist: Matt Damon, Angelina Jolie and Sam Riley are among those who have been seduced into buying homes in and around the city.

It is not only celebrities who are moving in. New luxury redevelopments of the city’s atmospheric former factories and 1960s apartment buildings - coupled with some of the lowest property prices in Europe - are starting to draw British and Irish buyers. Factor in Berlin’s reputation as a leafy, bohemian artistic centre in the midst of a cultural rebirth and the city’s estate agents and developers have a new client: the “lifestyle buyer”.

“We’ve sold to more than 100 British buyers in the past two years,” says Darrell Smith, managing director of Buy Berlin, a British company selling property in the city. “Although the euro/pound exchange rate hasn’t helped recently, there are lots more people looking for this kind of lifestyle apartment. Low-cost airlines mean they can use them as weekenders; buyers just want to be sure they are no more than 15 minutes from the centre of town.”

Last year, north Londoner Hari Hundle, 31, the vice-president of a private bank in the City, and his girlfriend, Simone Scheuer, 29, a portfolio manager, decided to spend £390,000 at one such luxury development, buying a three-bedroom loft apartment in the Fehrbelliner, a former lift factory on the border between Mitte - the historic centre of the city - and the trendy, sought-after district of Prenzlauer Berg, to the east.

“We went to Berlin on holiday a few years ago and fell in love with the place,” Hundle says. “A place of this quality, with its huge ceilings, open-plan living areas and warehouse feel, plus a rooftop terrace, would cost £5m in London.

“Berlin is so much funkier than London, and it has an originality that most European cities don’t have any more,” he says. “It reminds me a lot of New York’s Lower East Side 10 years ago. We have been buying art seriously since we started coming here.” Hundle is no doubt helping to support the burgeoning community of New York artists in Berlin, driven from Manhattan in a huge exodus by unaffordable property prices.

By the time Fehrbelliner is completed, in spring 2010, it will contain 200 loft apartments, penthouses and maisonettes, many with roof terraces from which the cityscape can be viewed. There will be a spa and leisure complex on site, as well as upmarket boutiques and galleries. Smith, who is selling homes there for between £160,000 and £1.96m, says that a quarter of the buyers are British. Hundle’s neighbours will include brokers, media gurus and celebrities, among them the Canadian rocker Bryan Adams.

Smith says that the flat could be let out for up to £2,000 per month on a short-term let - quite different to the long-term tenancy arrangements that have made Berlin, a city where less than 15% of the population owns property, attractive to investors looking for guaranteed letting. “Because buyers want to use their flats over weekends and holidays, they are increasingly looking for short-term let arrangements,” he says.

Although the Fehrbelliner is one of the most expensive developments in the city, Prenzlauer Berg’s tall, graceful stucco-fronted Altbauten (old buildings), dating from the 1890s, its organic cafes, vintage clothes shops and secondhand bookshops all contribute to the area’s boho charm. It is also popular with yummy mummies, giving it a reputation as Germany’s “nappy valley”.

But it is just one of many areas rapidly gaining a reputation for idyllic inner-city living.Like London, Berlin is a sprawling metropolis made up of a collection of village-like communities, with park- and lake-dotted districts spread out over 340 square miles. These days, interest is concentrated on areas that lay in the former Communist east when the wall went up in August 1961 - not just Mitte and Prenzlauer Berg, but the former working-class suburb of Friedrichshain, with its Soviet-style architecture and underground nightclubs. Property prices start at about £1,300 per square metre, with one-bedroom flats costing as little as £50,000.

Others are looking to areas in the former west - such as Kreuzberg, which lay on the allies’ side of the wall, but has found itself in the heart of the reunited city. The Viktoria Park Residence, a six-storey 19th-century townhouse, is being totally refurbished: 32 flats, maisonettes and lofts are being created, many with high ceilings, elaborate cornices, original, intricately laid oak flooring and Kachelöfen, the tall, tiled ovens traditionally used for heating.

Kreuzberg is now well known for its multicultural society and cafe culture, as well as being the site of Designmai, a cutting-edge annual design exhibition. At Viktoria Park, a 50-square-metre one-bedder costs £69,000, with prices rising to £295,000. Many units will have balconies overlooking the park itself - a popular weekend leisure spot for Berliners, with its hillside views and cascading fountains. They are for sale with Norenva, a Berlin-based agency.

A very different feel is offered by Charlottenburg and Wilmersdorf, which lie further to the west, beyond the Tiergarten, the large park in the middle of the city. With their smart 19th-century Wilhelmine townhouses and wide, shop-lined boulevards, they have always been popular areas for the moneyed middle classes. As a result, homes in upmarket developments here can be more expensive: a 250-square-metre family flat can cost £600,000.

Whether former east or west, almost all the properties on offer are in refurbished buildings. Despite the construction of large numbers of offices and public buildings, which have transformed central Berlin over the past two decades, there have been few residential new-builds - largely because property prices have been so low, it has simply not been worth it. Potential buyers seem happy with that. “Most people prefer to buy something old, refurbished and with character,” says Sandra Rex, the managing director of Norenva.

So, once you’ve got the kudos of a Berlin pad, you’ll need to get the right lifestyle. And, in this city, whatever you’re into isn’t hard to find. If it’s high culture you want, leave behind the trendier areas, where many of the old tenement blocks are still rabbit warrens of artists’ studios, and hang out in Mitte. Here, Museum Island, on the Spree, has a collection of world-class museums and galleries that are undergoing a huge restoration, to be completed in 2015. At the Reichstag, Norman Foster’s glass cupola caps a building groaning under the weight of its history. Visit Daniel Libeskind’s famous zigzag Jewish Museum, too, for contemporary architecture at its most extreme - and symbolic.

And after dark? If your idea of Berlin nightlife stops at cabaret-style performances, think again. The city has three opera houses, as well as scores of theatres and cinemas. British media luvvies have given Berlin its seal of approval, with a branch of Soho House scheduled to open soon. The electropop and underground dance scene is thriving, too: iconic clubs such as the Panorama Bar, in Friedrichshain, and Weekend, on Alexanderplatz, still pack in the ravers. Ross Godfrey, founder member of the British trip-hop outfit Morcheeba, has just invested in a flat in town. “Visitors find that Berlin is a new town,” Smith says. “It is full of young people who have no hang-ups from the past.”

Wyndham Wallace, 36, a writer and music manager, moved to Berlin four years ago. He let out his two-bedroom flat in Brixton, south London, preferring to rent an 85-square-metre apartment in south Berlin, and is now looking to buy. With the cost of the living half that in London, Wallace has decided to make the German capital his permanent adopted home town.

“I could really make my finances stretch in Berlin,” says Wallace, who is writing a biography of the late country-music star Lee Hazlewood. “I was attracted by the quiet and the space - and, when people smile at you here, they really mean it.” He plans to sell up in Britain and spend up to £160,000 on a flat in Kreuzberg.

Wallace’s motivation to buy has been sheer love of the city. But is it a good bet for investors? After all, the fact that properties in Berlin are cheaper than their equivalents in Prague or Warsaw does not automatically mean they will rise any time soon; indeed, some British investors who have bought in recent years, hoping to make a killing, have been disappointed.

“House prices in Berlin have fallen by 15% since 1995,” says Tobias Just, a property analyst at Deutsche Bank. “They have stabilised in the past three years, but are moving slowly - about 1.5% a year since 2005. We expect prices to continue to rise, but not at a breathtaking pace. It’s a low-growth city.” Purchase costs, too, are prohibitive, adding up to 11% to the sale price.

Bill Blevins, an international investment and tax adviser, agrees with Just. “Berlin is still very much an emerging market,” he says. “But I’d say that you could make yourself a lot of money, in 10 years’ time, by investing there.”

Wallace, too, has words of caution. “Get to know the city before buying here,” he says. “People come in pursuit of this famous bohemian factor, thinking it is going to be a kind of debauched Valhalla. Actually, Berlin is very peaceful. It’s a big city with rustic charm.”

by Emma Wells

Where to buy in Berlin:

Mitte: With high-end luxury loft and flat developments, the heart of the city has been rapidly gentrified.

Prenzlauer Berg: In the former east, the city's "nappy valley" is full of converted factories and 19th-century houses.

Friedrichshain: The centre of the city's alternative scene is popular with families and students.

Kreuzberg: This trendy multicultural distrtict just south of the centre has cocktail bars, restaurants and refurbished factories, and Altbauten. This 19th-century monument in Kreuzberg - a former hospital set in parkland - has recently been converted.

Zehlendorf: An exclusive residential area of West Berlin full of classical-style mansions and scenic riverside landscapes.

Wilmersdorf: With its smart boutiques, this western district is popular with professionals.

Charlottenburg: A long-established residential area to the west of the centre with upmarket living and great shopping.

source: from the Sunday Times, June 8th, 2008

Lofts in Berlin

"Many old Berlin factories are being turned into residential properties and lofts are the designer’s choice. One of the largest conversions in the city has been the Paul-Lincke-Höfe project. This is taking an old factory in Kreuzberg, right in the heart of the city, and converting it into 116 lofts ranging from 80 square meters to 250 square meters.

Berlin has long struggled to find its identity, but today it is seeing a number of new developments and trends that are helping the city become a popular place to live. The German capital has an abundance of old homes and factories that are being converted to stylish properties and invigorating the housing market.

An increasing number of people are living in the heart of the city, rather than the suburbs. This has led to a dearth of larger apartments and homes, and the older properties are filling the need. Larger lofts and converted apartments are becoming more and more popular, and developers are looking for opportunities to create these spaces for residents.

Another conversion is taking place in Zehlendorf, where a developer is converting an old electronics factory into loft spaces ranging from 66 square meters to 400 square meters. All of these have 4 meter tall ceilings and cost between €180,000 and €1.1 million each. Bare loft spaces usually sell for €1,800 to €2,800 a square meter, which can increase to as much as €4,500 for finished warehouses, according to the article.

Apartments in older houses typically sell for €3,000 to €4,000 a square meter, or usually about €400,000. Prices have continued to increase over the past few years, averaging about 10% per year according to one realtor. These prices are still low compared to other German cities, making Berlin a bargain. "

source: http://www.homesgofast.com/view_news/728/

Investing in Berlin

the famous Siegesäule landmark, one of Berlin´s icons

In Germany, the purchase of real estate is held to be the safest form of investment, the corner-stone of any pension plan. Particularly, the acquisition of an apartment in a designated tax district, as in areas of Berlin-Mitte and Berlin-Prenzlauer Berg, offer major tax breaks for those eligible for tax in Germany.


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