The properties currently within our German portfolio under management, where the investments were sourced and structured by Youngfields OCP Ltd are as follows:-
- Circa 25,800m2 of rentable space, close to 95% commercial, the remainder are residential apartments.
- Gross rent roll at full occupancy, ex VAT , circa €2.1M.
- We have our own Irish investment management vehicle, Smerwick Management Ltd, and we also purchased the German property management company, Property Solutions GmbH, based in Stuttgart, which manages the individual assets locally in Germany.
- The assets were purchased for different small Irish syndicates in the period 2006-2011, with a 5-7 year investment horizon. We have already sold some assets purchased in 2006/07, comprising c20% of the portfolio.
- The assets are clustered in three different areas of Germany. A large part of the portfolio is within the affluent greater Stuttgart area where our relationships started and where our property managers are located. In addition there are investments in some of the larger urban centres in Nord Rhein Westphalen , namely Dusseldorf, Krefeld, Solingen, and Gelsenkirchen, and some residential properties in the East in the greater Dresden area , and a medical centre also in the East in the city of Chemnitz.
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Multi-tenanted office building ( 3,556m2), with 11 office units, one light industrial unit, and 2 penthouse apartments in established business park in suburbs of Stuttgart. High quality 1990s construction and finish. Excellent tenant mix
Multi-tenanted property, 3 inter-connected buildings (2,394m2) in the town centre of Sindelfingen in the greater Stuttgart area. Local flagship Mercedes plant employs 37,000. Tenants include local Deutsche Bank branch, dentist, physio and a range of service companies.12 commercial units and 3 residential. Ongoing program of improvements since acquisition.
High quality 1990s Private Medical Clinic ( 1,153m2) , in a town of c 11,500 people, close to Stuttgart Airport, and with excellent access to the main autobahns, with S-Bahn line extension reaching the town by 2019. This is a part ownership where we own the main 2 floors, ground and first, with a range of medical specialist tenants, and the underground car park .The separate ownership is a street front pharmacy and roof –top apartments.
HERRENBERG – STUTTGART
High quality 1990s office /warehouse building. Excellent access to main autobahn close to Stuttgart makes it ideal for long established medical distributor that occupy it . SOLD MAY 2014
Multi – tenanted office block (2,214m2) over 5 floors fronting onto 2 streets close to main square and main train station in city centre (population 267,000). Renovated 2005-2007. Main tenants are in the personnel training sector and the building is suitable for office, other commercial or medical /public use, and use
5 floor office building (1,597m2) at main city centre intersection, directly across from main rail station. Population 238,000. Private School occupy the four fully renovated upper floors with a newly opened (03.2016) SUBWAY outlet in the ground floor retail unit.
Nine medical/office/retail units over 4 floors in centre city location (pop 582,000). Significant renovation carried out 2009-2010.Two floors adapted to a Business Centre for smaller tenants since acquisition. SOLD JANUARY 2015
11 office units in re-developed former corporate HQ (1,413m2) of leading German company,( HERMA) in an excellent location just 5 mins from world HQ of Mercedes.
City centre REWE supermarket (Germany’s 2nd largest chain) with parking, rented apartments overhead, and renovated (2010/11) apartment block at rear with frontage onto the next street. Total rentable space 2,622m2.
Medical centre( 604m2) on main artery to Dusseldorf city centre, with tram stop outside. The tenants are 2 doctors’ practices, a pharmacy and tax consultants.
This 6 storey property (5,069m2) is a modern (1992) commercial block with a significant cohort of medical tenants across 32 medical/commercial units, 7 roof level apartments and 54 underground car spaces, 5 minutes from the main city centre shopping area. Two thirds of the commercial tenants are medical–related. Chemnitz is a city of 243,000 people, with city centre transformed through massive investment post 1995.
SAXONY / NRW SMALL PORTFOLIO ; Dresden , Bautzen , Grossenhain , Solingen, Germany
This is a well diversified “East West” portfolio of 5 smaller properties set up 2007-2009, financed competitively in one package by DKB Bank.
Dresden ( 11 apartments ) , Bautzen ( 5 apartments ) ,both fully renovated in the 1990s, Grossenhain ( 4 apartments ) unrenovated , all period properties in Saxony.
Solingen – Talstr – attractive c1900 corner block, close to main shopping area. Ground floor retail with 6 apartments overhead, all renovated.
Solingen – Konrad-Adenauer Str – 1950s property in strong commercial location on main artery into city centre. Ground and first floor recently re-let to a public organization.Second and third floor comprise 1 office unit, and 2 apartments.
43 modern apartments (2,692m2) in 5 blocks in the town of Grossenhain , 20 minutes from Dresden . Developed in the mid-1990s, purchased in 2007 in a bank restructuring deal. Strong re-letting record, very high occupancy on average.
Four apartment blocks (2,107m2) containing 36 apartments plus some work spaces and garages, originally built for the workers in the local steelworks, all located in one central neighbourhood.