Düsseldorf/Köln, 24 January 2020 – Dusseldorf-based BEMA Group and ABG Real Estate Group, Munich, have now established a joint venture which comprises an exclusive cooperation agreement for all project developments in the German state of North Rhine-Westphalia, with a focus on Cologne, Bonn and Dusseldorf. BEMA’s focus lies on acquisition and conception, while ABG attends to financing and realisation. BEMA and ABG are thus combining their respective expertise, competence and presence in this sub-market to achieve greater strength and efficiency.
Both companies are currently already cooperating on a joint-venture basis on three projects in Dusseldorf – namely the Smart Office project in Airport City (around 16,500 sqm), the project H2 Hotel with 250 rooms in Toulouser Allee and the mixed-use TRIGON project (office, hotel, multi-storey car park with a total of 36,700 sqm) in Schiessstrasse in the district Heerdt. The projects SMART OFFICE and H2-Hotel are all already under construction, the TRIGON in the building permit phase. In addition, a southern section of the urban development project Le Quartier Central and the SILIZIUM, European headquarters of HUAWEI, both in Düsseldorf, have already been developed in the past.
Moreover, two more projects have already been acquired and will be developed through the joint venture in the coming years:
- One of these is the existing property at Yorckstrasse 19 in Dusseldorf’s Derendorf district, with around 30,000 sqm of gross floor area, which is currently still let under short-term contracts to HSBC Bank and the FitX fitness studio. Due to the excellent structural fabric of the building, it will be repositioned in 2021 under the project name New Yorck to be used as new office space with campus character. The property also includes 440 parking spaces. The vendor is Ashtrom Properties Germany GmbH, Dusseldorf. Estate agents Aengevelt Immobilien GmbH & Co. KG, Dusseldorf, managed the sales process. Beiten Burkhardt provided legal and tax advice to BEMA and ABG.
- At the same time, a property was acquired in Cologne’s Ehrenfeld district at Oskar-Jäger-Strasse 99, on the corner at Melatengürtel, with an area of approximately 14,300sqm sqm. Here, new planning permission for an office property is being worked on, to be realised in two construction phases as of 2023.
The project volume of the joint venture thus already amounts around € 580 million.