Commerz Real acquires hotel project in Berlin from IVG Development

Commerz Real signed the deed for the “InterCityHotel Berlin Airport” project development in Berlin. Seller was IVG Development GmbH, the project development division of IVG Immobilien AG. The deal was transacted within the framework of a forward sale: Following its prospective completion in the first quarter of 2010, the hotel property will be added to the property trust fund of the ProCommerz institutional fund.

The total investment volume comes to approximately €22 million, representing a gross lettable area of 8,500 m². The property is leased for a 20 year lease term to InterCityHotel GmbH, a fully owned subsidiary of the well-established Steigenberger Hotels AG. “We are pleased to have found a buyer for this attractive project at such an early state,” Andreas Barth, Member of the Board of IVG Immobilien and in charge of the development business, comments the signing of the deed.

The planned 3-star airport hotel will have more than 80 outdoor parking spaces, and more than 200 rooms, distributed across five floors. The modern conferencing area on the first floor up comes with a prestigious lobby and six conference rooms with high-end features, making the venue particularly attractive to business travellers. A restaurant complete with integrated bar is located on the ground floor. The wellness area and the gym are located on the first floor. The building’s construction is masterminded by the Berlin branch of IVG Development, with its completion scheduled for the end of 2009.

Located on the grounds of Berlin’s Schönefeld Airport, right next to the B96 federal route, the hotel project development is easily accessible and lies within walking distance of the regional and urban transit station. Over the next few years, this airport will be expanded into the German capital’s new airport, Berlin-Brandenburg International (BBI), which is poised to handle the region’s entire future air traffic. The number of passengers the airport will handle after 2011 is forecast to reach 22 million annually. “Because of its great connections to the public transportation network and its location in direct vicinity to the capital’s new airport Berlin-Brandenburg, the “InterCityHotel Berlin Airport” provides attractive location benefits and a vast potential for the future,” says Hans-Joachim Kühl, Board Member of Commerz Real and responsible for real estate acquisitions. “Moreover, the hotel industry is considered one of the largest worldwide, and will most likely continue to gain in importance. Thus we have a keen interest in expanding our international hotel portfolio further. At present, our portfolio includes eleven hotel investments with a total volume of approximately €437 million. We have seized the opportunity to position ourselves today with a modern property at this important international hub of the future.”

source: Commerz Real