In Wiesbaden, state capital of Hesse, we acquired a property consisting of 125 residential units, and created a three-pronged sales strategy: selling two buildings through a block deal, retailing the remaining flats as condominiums, and selling additional sections of the property after obtaining planning consents for them.

Through measures like adding balconies, renovating the façade, replacing the roof, restructuring the outside facilities complete with new parking spots, and re-negotiating the supply contracts, we optimised the lease agreements in tenant-friendly ways, and significantly raised the sales value. On top of that, we renovated one fifth of the flats within the framework of the tenant churn, which further boosted the rent revenues and the eventual market value.

In Kiel, an up-and-coming tier-two city, we constructed 138 new condominiums, thereof 114 in the “Edur Park” project and another 24 in Kiel-Schilksee. The houses at “Edur Park,” built to the German KfW 55 efficiency standard on a park-like property, feature balconies, roof terraces on the top floor and handicap accessibility on the ground floor, and were quickly completed and sold. The selling prices of the condominiums remained in the affordable range because we managed to keep the construction costs comparatively low. Our way of cutting these costs is to shoulder the responsibility for such property developments ourselves – saving the expense of a general contractor by directly hiring our sub-contractors.

Residential projects such as those in Kiel presuppose an effective collaboration with the respective municipality and government authorities. That we, with our sound reputation as a sustainability-minded and socially responsible residential real estate company, managed to balance profit orientation with a steady improvement in amenity in the interest of the tenants is reflected in the fact that the lord mayor of Kiel attended both the foundation stone laying ceremony and the topping-out ceremony at the “Edur Park” project and warmly welcomed the creation of additional housing in his growing city.

In Leverkusen, we exploited the existing infill densification potential of a property already occupied by a complex of 643 residential units by obtaining planning consents for additional sections of the plot. This created building land ready for development with 8,000 square metres of additional dwelling floor area, and thus enhanced the sales profit from the housing estate even further.

In Hamburg, we added two floors to two five-storey residential buildings of 25 flats each. The 16 additional flats thereby created are all accessible via lifts.