The bulk of the company’s income is derived from a large residential portfolio, but the commercial development programme is gathering pace.
Set up in 1994 Thyssen Immobilien GmbH is a fully-integrated property company in charge of the corporate real estate activities of the Thyssen industrial group. The company looks after property assets of DM 1.1bn and employs around 630 people. Thyssen Immobilien operates in four divisions: property services, property development, planning and consulting, and residential.
The property services division is responsible for the asset management and facility management of Thyssen’s real estate. Non-strategic assets are either sold or being developed and put on the market, while the remaining portfolio is actively managed.
The property development division has an active programme. In Krefeld near Düsseldorf Thyssen is developing a business park with warehouse space, office and service space on 166ha. Also in Krefeld, the company is developing an urban entertainment centre with leisure activities, themed retail and other services. The company is also marketing the Industrie- und Gewerbepark Concordia, a business park on a 31ha site near Koblenz. Thyssen Immobilien has provided the core infrastructure of the park, and is selling individual sites to owner-occupiers.
Thyssen Immobilien develops the group’s own properties as well as those of third parties. Projects include residential, commercial and industrial developments and management properties such as hotels, entertainment facilities, nursing homes and sheltered housing.
The developer aims to sell on its schemes to end investors. In a Cologne suburb for example, Thyssen is building 100,000 m2 of offices, a multi-functional hall with a seating capacity of 18,000 people and 2,900 parking lots. The project will be competed at the end of this year and has been pre-sold to a closed-end property fund.
For its first international project, Thyssen Immobilien is refurbishing a listed building in the city centre of Breslau, in Poland. The mixed scheme comprises 5,300 m2 of offices and retail.
At the end of 1995, Thyssen Immobilien bought Suter & Suter, a planning consultant specialist with a strong presence in Switzerland and Germany. The company provides planning and consultancy services for industrial buildings and acts as project manager. The integration of Suter & Suter has been completed and now in its second year the division contributed DM 56.9m or 14% of the total turnover.
Like other industrial groups in Germany which historically provided accommodation for their workers, the Thyssen group owns a large housing stock. At the year ending June 30, 1997, Thyssen Immobilien managed around 38,000 units of which it owns 88%.
Thyssen and Krupp agreed to merge last year, but the reorganisation of the company has not so far affected the activities of Thyssen Immobilien.
|
Year ended June 30 1997 |
(DMm) |
|
total assets |
1532 |
|
property assets |
1077 |
|
turnover |
418 |
|
– residential |
310.8 |
|
– planning and consultancy |
52.7 |
|
– development |
30.4 |
|
– property services |
19.5 |
|
net profit |
166 |
Thyssen-Immobilien
Essener Strasse 66
46047 Oberhausen
tel +49 208 8528-5
fax +49 208 8582-098
