CA Immo Annual Report 2008 (.pdf)

BooK VAlue GeRMAny By CItIeS
Hesse portfolio 33 %
Berlin 22 %
Frankfurt 16 %
Munich 13 %
Hamburg 6 %
others 10 %
of € 24.2 m for the company. of the total rental income
2008, rental income of these sold properties accounted
for € 4 m.
Sales included the Mövenpick Hotel Frankfurt City to
union Investment Real estate AG for a total consideration
of € 63 m. the Hotel Mövenpick was the first building to
be completed as part of the europaviertel urban development
project in Frankfurt. Constructed by Vivico in 2006,
it was handed over to the operator Mövenpick as a turnkey
project, with a lease agreement running until 2024.
the project development was thus successfully concluded
with the sale at the end of September 2008.
Another property in Germany sold in october was the
Laim 290 office building in Munich, which was completed
in 2008. the building, which has a rentable area
of around 9,600 sqm, was also bought by union Investment
Real estate AG for a purchase price of € 36 m. By
the balance sheet date of 31 December 2008, another
properties amounting to € 167.1 m are designed for
trading. these properties yielded by 6.4 % in 2008,
rental income stood at € 11 m.
In addition, sales with a total value of around € 110 m
were agreed as part of a forward purchase; these will be
reflected in the balance sheet in 2009 or 2010. the agreement
includes the sale of the Nord 1 office/commercial
building on the Boulevard in Frankfurt’s europaviertel.
the development project will go to union Investment
Real estate AG, with final implementation of the transaction
(and hence the date at which it will be considered
on the balance sheet) taking place after completion,
which is scheduled for 2010. the sod-cutting ceremony
for the building took place in october 2008.
tHe DeVelopMent pRoJeCtS AReA
MAnAGeMent RepoRt
the core activity of Vivico is project development,
which is expected to deliver a significant contribution
to future revenue growth for the CA Immo Group. over
the next few years, the high-quality reserves of real estate
held by the Group, mainly in inner city locations, will be
steady developed in line with prevailing conditions on
the property and financial market. one key priority will
be the careful control of development risk through a balanced
mix of uses, sustainability in the design of buildings,
high levels of pre-letting and the incorporation of
project partners. In Germany alone, floor space totalling
around 140,000 sqm (developed and undeveloped areas)
was (pre-)let for the first time in 2008.
MAnAGeMent RepoRt
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