Case Study

Semerteichstr. 47-49,
Dortmund

DESCRIPTION

  • Five storey office building in established office sub-market of Dortmund, Germany
  • 9,350 sqm lettable office area
  • Built in the 1970-ies
  • Acquired in 2015 with vacancy of circa 60 % of area
  • 40 % let to a local public health insurer with a WALT of 0.5 years and a rent level significantly below market

CORDING ACTIVITY

  • Cording as asset, property and development project manager and Zechbau as general contractor
  • Redevelopment of the existing building for a government tenant who agreed to a 15 years , indexed ease contract of the whole building plus circa 1’250 sqm extension (+13 %)
  • Increased rent per sqm to market level (+29 %)
  • Aim to certify the property to BREEAM standard
  • Started redevelopment in December 2015
  • Completion expected mid 2017

Dortmund