The company is developing three prime sites in Berlin, and expanding its closed-end funds into the Netherlands
DG Immobilien Management Gesellschaft is the holding company that runs the property activites of the German cooperative banking sector.
The wholly-owned subsidiary of DG Bank Frankfurt provides a wide range of services which include project and property management, consulting and property investment services.
“We see considerable demand for the specialised services of DG Immobilien. Our clients are the partners within the co-operative sector and their customers. These include private and institutional investors, public entities as well as local authorities,” says Norwin Werkmeister, a spokesman for the board of management of DG Immobilien.
In 1997, DG Immobilien achieved a turnover of DM 63.5m, and a profit of DM 9.6m (1996: DM 13.9m). The services are provided by five subsidiaries.
DG Immobilien Projekt is responsible for the project development and management activities. At the end of last year the company was working on 26 projects with a total investment value of DM 1.4bn. Among these are three flagship schemes in the centre of Berlin.
Next to the Brandenburger Tor on Pariser Platz, the company is developing 18,800m2 of offices and a conference centre. The offices have been pre-let to the Berlin branch of DG Bank. The DM 250m project is funded by a closed-end fund launched by DG Anlage.
On the south-eastern corner of Gendarmenmarkt, arguably Berlin’s finest office address, the development arm is preparing to start work on a DM 250m joint venture with Haus & Grund Deutschland, of a 42,000m2 office and residential scheme. Construction is due to start in the first quarter of next year: the development will comprise five buildings which it is envisaged will be sold separately.
The third of DG Immobilien’s Berlin projects is located just round the corner from Gendarmenmarkt and is due for completion at the end of this year. The DM 150m scheme comprises 18,000m2 of offices and 2,200m2 of residential.
DG Anlage initiates and administers closed-end funds: since 1981, it has launched 55 funds with an investment value of DM 4.6bn. Last year, the business raised DM 372m of equity for funds with a total investment value of DM 614m. While the principal focus has been on German property, DG Anlage has also raised funds to buy US buildings. This autumn, it will launch its first fund aimed at a Dutch investment, acquiring property in Maastricht.
DG Immobilien Facility Management offers the full range of FM services, working with external partners to provide services such as catering, cleaning and security. Last year it looked after 58 buildings with a total space of 784,000m2.
DG Immobilien Vermittlung provides agency services both for rental and investment purposes. In 1997, the company let nearly 61,500m2 of offices, more than 5,000m2 of retail and nearly 9,000m2 of residential space.
DG Immobilien Consulting advises on asset management. It has developed a specialism in advising creditors on insolvent developments; last year, it advised on 36 such projects with a value of DM 113m.
Immobilien Management Gesellschaft
Friedrich-Ebert-Anlage 2-14
60325 Frankfurt
tel +49 69 75301-0
fax +49 69 75301-409
www.dg-immobilien.de
