Focus on Frankfurt am Main by Witvorm

FOCUS ON FRANKFURT AM MAIN

QUALITY IS KEY

OPTIMAL USE OF SPACE OSWE 360째 BRIDGES THE GAP BETWEEN EAST AND WEST GATEWAY GARDENS SETS THE STANDARD FOR AIRPORT CITIES

Special magazine produced by

PropertyEU in co-operation with the City of Frankfurt I

‘FRANKFURT’S MULTI-FACETED DEVELOPMENT MAKES IT SPECIAL’

Europaviertel

FRANKFURT AM MAIN’S POPULARITY IS GROWING. THE CITY IS ATTRACTING BUSINESSES AND INDUSTRY ALIKE AND WHILE THE ECONOMIC MESSAGE IS A POSITIVE ONE, CREATING SUFFICIENT OFFICE SPACE AND HOUSING IS ONE OF MANY CHALLENGES FRANKFURT – AND LORD MAYOR PETER FELDMANN – ARE NOW FACING.

Peter Feldmann, Frankfurt’s Lord Mayor

Frankfurt is growing. What is the greatest challenge at present? Frankfurt measures 248 km². It’s not the biggest city in the world, which is why it is affectionately known as the ‘mini metropolis’. Our greatest challenge is to find ways to manage the available space. The city is developing in many areas at once and that is what makes it special. Frankfurt is the only German city that made the New York Times list of places to go in 2014. We ended up in 12th place and it made us very proud. It’s another sign that we should keep a proper balance between Frankfurt as an enjoyable place to live and Frankfurt as a good place to work, with an infrastructure to match.

limits and, as the mayor of this beautiful town, I can proudly say that this is exactly what we have been doing. At the moment we are developing some 15 housing projects involving the surrounding towns. AGB Frankfurt Holding, for instance, is building homes in Offenbach. And we are not limiting ourselves to housing. Our ‘industry master plan’ concentrates on the successful economic pillars we have here, including the creative industries. These industries have a vital role to play in the city and represent security for investors. We are constantly in touch with business leaders and it is our role to create an environment of trust, and with it, a secure future.

But how are you going to achieve this? Housing, offices, industry – these don’t usually sit very well together. We are well aware of that and it’s a challenge that needs to be dealt with wisely. We need to look beyond the city

That sounds well and good but aren’t you in danger of creating a battle for the best locations and increasingly fierce competition for the available square metres? I understand your concern but I don’t III

think it is well-founded. We have created an integrated urban development concept to tackle exactly this problem. Frankfurt is many-faceted and it’s impossible to combine everything in a single concept. As with any thoroughly planned project there are sub groups which deal with different themes. The resulting plans of each will be carefully weighed and integrated. That sounds like a pretty time-consuming and difficult procedure. Tell me honestly: do you really want more people to come and live in Frankfurt? The city looks as if it’s bursting at the seams already. I’m happy to welcome any newcomer whether they’re born here or not! Some weeks ago I had the honour of welcoming the 700,000th inhabitant to Frankfurt and I shall be equally happy to welcome number 800,000. Believe me, there is plenty of undiscovered potential in Frankfurt. I’m convinced this city still has considerable scope for growth. That means Frankfurt will continue to be an interesting market for investors in the future. Absolutely. Frankfurt is always surprising the world with projects no one has thought of before: Henniger Areal, Kulturcampus, Bürostadt Niederrad and Oberfinanzdirektion to name but a few. The investment market is a metaphor for the city: a place for people who are able to see the full picture.

MARKUS FRANK, DEPUTY MAYOR:

‘FRANKFURT CON ON EFFICIENT US ‘THE MAIN FOCUS OF FRANKFURT WILL BE ON DENSITY AND INFILL DEVELOPMENT’, SAYS DEPUTY MAYOR AND HEAD OF DEPARTMENT OF ECONOMY, MARKUS FRANK

Markus Frank, Deputy Mayor of Frankfurt

The Expo Real 2014 presentation of the city of Frankfurt will centre around density, ‘Nachverdichtung’ in German. Why is ‘Nachverdichtung’ so important for Frankfurt? There are several reasons why this strategy is central to the city’s development. Large parts of it, such as the city’s parks and green belt, cannot be built on. At the same time Frankfurt is popular with businesses and more and more people want to live near their place of work. Shorter commutes and a higher quality of life are becoming the trend. The population of Frankfurt is growing and so is the need for housing. What we are up against is the twin task of preserving the city’s open spaces and at the same time

CENTRATES ITS EFFORTS E OF SCARCE SPACE’ creating opportunities for growth. As the person responsible for the city’s economy, I have to see to it that companies are given these opportunities. Frankfurt is home to over 60,000 companies with a combined turnover of € 55 bn a year. As far as office space is concerned, Frankfurt is doing very well already. The office space directly available in the different price ranges ranks with the very best. But Frankfurt is not just about the financial services industry and the service sector, it is also about manufacturing. The diversity of the economy is a driving force behind the stable and successful development of the city. It has been a long-held goal to secure the manufacturing industry and develop it further. Our industry master plan will play an important part in achieving this. The future of our industry and the level of investment are tied in with the availability of space, and that is something we can improve by concentrating on growth and infill.

Could you outline some of these projects and their special characteristics? Thinking about the optimal use of space can lead to some very creative solutions. There are smaller projects, for instance, which are building up or extending existing buildings. Other, larger projects have a considerable impact on what the city looks like. One such project is in the office district Niederrad, development of Europaviertel, the latest urban area. Niederrad was originally planned as a new office district back in the 1960s. Extensive re-development is now taking place to turn it into a desirable location to live and work, with around 3,000 homes for some 6,000 people. The high-quality housing and the numerous facilities are making the area increasingly attractive to both businesses and potential inhabitants. Europaviertel is a brand new urban area with a modern mix of amenities built on the 145 hectare site of a disused railway freight yard. It is a typical example of an

urban brownfield being used rather than a site on the edge of the city, and a successful instance of sustainable urban development. Which specific opportunities would international real estate investors and developers who want to invest in Frankfurt have to look out for? Frankfurt has many investment opportunities in many locations. I already mentioned Niederrad and Europaviertel. The area to the east of the centre, near the European Central Bank, is interesting as well and so is the area around the central station. Even the financial heart of the city, which is very popular already, still offers plenty of scope for investors, and that certainly goes for Gateway Gardens, the new business district near Frankfurt Airport. Frankfurt is in the comfortable position of having a sustained, high level of investment. In the first six months of the year some € 1.36 bn was invested in real estate here in Frankfurt, a level topped only by Munich and Hamburg.

Population forecast Germany (×1 mln)

Source: Catella

Office rents and prime yield (€/qm)

V Prime rent V Average rent 03 04 05 06 07 08 09 10 11 12 13 14

75 74

10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30

Purchasing power per capita (×€1,000)

Population forecast Frankfurt (×10,000) 20

71 70 15

69 68

67 66 65 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30

V Purchasing power

Commercial Investment (×€1,000)

V Retail purchasing power

0 08

8 7 6

Available income (×€10,000)

5 4

3 2

1 0

0 05

2006

2007

2008

2009

2010

2011

V Frankfurt (Main) 7

Office take-up (×100,000)

V Rhein-Main (RO-Region)

Unemployment rate

V Hesse V Germany

5 6

4 3

2 2

1 0

0 04

2008

2009

2010

2011

2012

2013

FRANKFURT SETS THE PACE IN MIXED USE URBANISATION FRANKFURT IS A DYNAMIC URBAN ENVIRONMENT AND AN EXCITING PLACE TO BE IN TERMS OF REAL ESTATE DEVELOPMENT. HOWEVER, SOME CHALLENGES STILL NEED TO BE OVERCOME, SAYS THOMAS BEYERLE, GROUP HEAD OF RESEARCH AT CATELLA.

he two main challenges facing the Frankfurt real estate market are stagnation in the leased office sector and urban restructuring, says Beyerle. ‘There are many reasons for this, but the main one is the large office usage (sm/capita) per office worker Germany, particularly in Frankfurt. With around 35 m² of office space per office worker, we are almost Europe’s number one when it comes to office space. No doubt this indicator will shrink significantly in the next years.’ A second challenge stems from the shift toward creating new urban centres where office, retail and residential functions are combined under one roof. ‘At present we’re all looking for a blueprint on how to deal with this demand but it will be solved’, says Beyerle. ‘Mixed-use will be one of the key factors in new urbanism.’ Prime yields in the office market have fallen to below the level of the bull market of 2006. What are your expectations regarding prices for office buildings in Frankfurt? Is there enough quality product? Yes – there is enough product available

– as long as you seize the opportunity to create value with the existing stock. Core has dried out – refurbishment or development can fill the gap, although risk will rise, of course. I’m absolutely convinced we will see a prime level around 4-something % – and not the traditional 5% in the coming quarters. Prices will rise as long as the pressure from investors to buy for the long-term continues.

compared with the rest of the region has to do with the ongoing transformation of the financial sector. The banks have not yet finished their restructuring projects. Take Commerzbank, which is still reorganising, for example. Information technology services, the high tech sector and of course the Airport City projects are all booming but can’t yet fill the gap.

In your view, what are the most interesting sub-markets in the Frankfurt office market in terms of yields – secondary real estate perhaps? If you’re a yield hunter you have to avoid the central business district. Look to Europaviertel, Theodor Heuss-Anlage and the eastern area around the new European Central Bank. Niederrad is a huge conversion area. Sachsenhausen and Eschborn might offer good opportunities to go above 5.5%. But you will also have to deal with the micro risk in these sub-markets.

What trends are apparent in terms of population growth and what does this mean for investing in real estate in Frankfurt? The overall trend in Germany, as all over the globe, is one of urbanisation. In world terms, you could say Frankfurt is more like a professional village with its 700,000 inhabitants than a metropolitan city. Yet every day, some 400,000 people commute to the city, swelling its population to around one million. So real estate investors would be wise to take a closer look at mid class residential projects. They offer a very good opportunity for business.

What are your expectations regarding office take-up? While some bigger leases are still in negotiations I doubt we can reach last year’s level of around 450,000 m². But then again, we traditionally see surprises in the last four weeks of the year.

What are the implications for the real estate market if we look at income and purchasing power developments? We’ve got our well-off people in Frankfurt. It’s not just banking money, Unemployment in Frankfurt is still higher it also comes from manufacturing and than Germany as a whole and certainly the car industry. It would be fair to say higher than in Rhein-Main and Hesse. that purchasing power is huge and this Why do you think this is and what is one of the most stable factors for the implications does this have for the labour local housing market. Prices have gone market? up over past 20 years – not like a rocket, The higher unemployment rate but slowly and steadily. VII

OSWE 360° BRIDGES THE GAP BETWEEN EAST AND WEST UNIQUE MULTIFUNCTIONAL COMPLEX AT A STONE’S THROW FROM THE EUROPEAN CENTRAL BANK

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Sinpas¸ Altınoran ple of contributing to the urban trans formation in Turkey. Sinpas¸ Construction has been undertaking new projects since 2010 with a dynamic team capable of making rapid decisions. The company recently completed the sale of its Kelebekia project in Sancaktepe, a part of Istanbul rapidly gaining in value. In Gaziantep, Sinpas¸ Construction is working on the Antepia project, considered to be one of the largest investments in the south eastern Anatolia. Antepia was put together by Paralel Construction and Sinpas¸ Construction is in charge of the project development and sales & marketing phases. It is a gigantic housing project with 3,470 units, and will make waves with its massive marine pond, the largest of its kind in the world.

Risk-seeking perspective

We take a proactive, resolute and risk-seeking perspective, which means we can evaluate which areas will be key OSWE 360° IS POISED TO BECOME A UNIQUE, for future growth. Our second project in MULTIFUNCTIONAL COMPLEX WHICH WILL LINK EAST AND WEST Sancaktepe, the Kelebekia Premium, was TRADE FLOWS, SAYS MAHMUT SEFA ÇELIK, CEO OF TURKISH launched in 2011 and will build on this REAL ESTATE FIRM SERVET GYO. approach. Kelebekia Premium is a boutique housing project with 106 units. It t was one of Frankfurt’s biggest Istanbul stock exchange. Servet GYO was followed by the Liva Istanbul project coups: the sale by British property specialises in the development and man- which is expected to become a central investment and development comagement of shopping centres, logistics district of the city in the near future. pany Segro of the former Neckermann and offices. Servet GYO, in turn, forms Another ongoing project is the I˙s¸ site to Turkish real estate investor Servet part of Sinpas¸ Holding, Turkey’s most Modern Trade Center project in the GYO. The deal, worth around € 46 mln, prestigious construction and real estate I˙kitelli Organized Industrial Zone. This shows the healthy appetite international company. We’ve kept this top position is the most valuable industrial district investors have for urban locations and by developing high quality residential in Istanbul and the project will provide the great opportunities for logistics areas that raise living standards and logistics, storage and manufacturing. providers that come with them. Mahmut show respect for the environment, as well Then, of course, there is the exclusive BosSefa Çelik, CEO of Turkish real estate as commercial real estate projects that phorus City development which won first firm Servet GYO, says the Frankfurt/ deliver value to the business world. prize for the best Turkish project at the Rhine-Main region definitely falls within 2013 MIPIM real estate event. Our partthe ‘must have’ category. What are your best known projects ner in the project was Frankfurt’s prestigespecially in Turkey? ious architectural firm Albert Speer & PartHow does Servet GYO and the Sinpas¸ All the Sinpas¸ projects the company has ner. Sinpas¸ is also currently developing Group fit into the European real estate completed to date, such as Marenegro, an urban area of no less than 1.85 million market? Sealybria, Aqua City, Istanbul Palaces, m² in Ankara, called Altin Oran, which is OSWE Real Estate is a subsidiary of the Bog˘aztepe, Central Life, Aqua Manors, made up of more than 10,000 units. international real estate investment com- Flatofis, Deposite AVM and Topkapı All in all, we’re involved in some of the pany Servet GYO which is listed on the Trade Center, are centred on the princimost exciting developments in Turkey. Mahmut Sefa Çelik, CEO Servet GYO

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What are the reasons for your expansion to Germany and particularly to Frankfurt? Frankfurt is the capital of Europe for the financial services industry and manufacturing. It’s where the main business fairs take place. It is centrally located, both in Germany and Europe, and easily accessible by road, railway and water. Frankfurt Airport is one of the world’s most important air traffic hubs. You would be hard put to find a better logistical hub. The city functions as the European distribution base for many internationally active companies for a reason! And what is more, Frankfurt also rates highly for being a place where people like to live, to visit and to socialise. What is the meaning of the abbreviation OSWE, your German market presence? It stands for the link between East (Ost) and West but there is more to it than that. When we use the term ‘trade connected’ we also refer to the integration of distribution/storage and trade facilities in an excellent location. OSWE is in a position to bridge the gap between East and West and become a meeting point for important players in the world of international trade. What exactly are your perspectives for the former Neckermann area? Can you tell us something about the character of the area? OSWE is located in the Hanauer Landstraße, east of Frankfurt city centre. It’s where mail order company Neckermann used to be and is one of the few remaining sites in Frankfurt which can be developed further. Some 221,719 m² is designated as storage and logistics space and 81,584 m² as office space. There’s parking for as many as 1,500 cars. OSWE is on the river Main, with a direct link from the North Sea to the Black Sea. The complex has its own freight line linking it to the international rail network. We are close to Germany’s main motorways A3 and A5, Frankfurt Central Station is 10 minutes away and the airport is only twenty kilometres. Frankfurt-Fechenheim, the area where OSWE is located, is one of the fastest growing urban areas in the city, which has everything to do with the new premises that are being built to house the European Central Bank. Frankfurt’s population grows at the rate of 60 new inhabitants a day which makes it one of Germany’s – and Europe’s – fastest growing cities. OSWE is happy to find itself in one of the most dynamic urban regions in Europe.

One of the OSWE office buildings What type of companies would potential tenants be? The project is ideal for companies which want to add value to their workspace using multi-purpose and functional solutions. OSWE Real Estate offers tenants office and archive spaces within a wider technical security structure. OSWE Real Estate uses all the instruments at its disposal to ensure efficient and effective logistics. With a sophisticated site and building infrastructure for transport, storage and control, your deliveries can easily be processed and managed. The storage rooms are up to 30 metres high, making them suitable for high rack systems. The facilities themselves have convenient drive-ways, wide corridors and easy loading ramps making them suitable for all types of vehicles. Warehouse entrances are suitable for lorries to directly load and unload. Cargo coming from ships can be moved straight into warehouses and high warehouses can be loaded and unloaded by automated machines. What size of offices and storage are available? The space can be divided into units of 200 m² and upwards. The work stations are bright, spacious and convenient, and staff benefit from the surrounding wide green space and the extensive relaxation areas. OSWE offers spacious studios with all kinds of equipment that can be used easily. The studios come readily equipped with the infrastructure related

‘We take a proactive, resolute and riskseeking perspective, which means we can evaluate which areas will be key for future growth’ to your business. OSWE also rents out special archive areas complete with technical infrastructure where you can safely store and file your documents. Do you plan to further expand in Europe? With the purchase of the Neckermann site, all 17 hectares of it, Sinpas¸ made its first leap from east to west. It was our first major commitment as investors in Germany. Sinpas¸ is open to any other opportunity the Western European market has to offer. And we think that, with our track record in real estate, we have something to offer too. What do you expect from the Expo Real fair? Expo Real is one of the main real estate fairs in Europe and a great platform for real estate professionals from Eastern and Western Europe to meet. As a partner of the city of Frankfurt, it presents an excellent opportunity for us to present OSWE to the international real estate world and extend our network. XI

GATEWAY GARDENS

SETS NEW STANDARD FOR AIRPORT CITIES GATEWAY GARDENS, THE URBAN DISTRICT TAKING SHAPE NEAR FRANKFURT AIRPORT, SYMBOLISES ALL THAT IS NEW IN MODERN, STATE-OF-THE-ART DEVELOPMENT. LIVEABILITY IS THE KEY FACTOR FOR SUCCESS.

Dr. Kerstin Hennig, Managing Director of Grundstücksgesellschaft Gateway Gardens

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ateway Gardens is a global business village in the heart of Europe. Covering 700,000 m² of real estate development on a 35 hectare site, it is one of the biggest projects of its kind in Europe. ‘We are part of a worldwide trend’, says Kerstin Hennig, Managing Director of Grundstücksgesellschaft Gateway Gardens. ‘Airport Cities are springing up at hotspots everywhere. Schiphol in Amsterdam is a good example, and we see the same thing happening around American airports such as Dallas and Atlanta. The Chinese have Schenzen and Dubai is working on a city airport of its own as well.’ The site of Frankfurt’s Gateway Gardens used to be home to the families of US air force personnel stationed at the Rhein-Main airbase. After the closure of the base in 2005 the site not only became part of Frankfurt’s Airport City, it also officially became a new part of the city. ‘It’s important to realise the short distances to both the city and the airport make this a unique location and the most central and mobile business district in Europe,’ Hennig says. Gateway Gardens is a place for international networking but also offers a pleasant working environment. It is a mixed-use area, combining architectur-

ally stunning offices, conference rooms, hotels, and airport-related facilities with shops, restaurants and leisure facilities. ‘Gateway Gardens has lots of green spaces,’ says Hennig. ‘There is a two-hectare park in the centre with mature trees which links up the two central squares. The streets in Gateway Gardens will be tree-lined avenues.’

Traffic Hub

A major boost to Gateway Garden’s future success is its unique position as a traffic hub. Located next to one of the largest airports, close to a high-speed and a regional railway station and with direct access to the A5 (North–South) and A3 (East-West) motorways, there is no other place in Germany that can compete in terms of accessibility. ‘There are 4,000 direct flights to 300 destinations, all at walking distance. And the high-speed rail link connects to 170 long distance destinations,’ says Hennig. Work is already underway on a new regional S-Bahn station which will make the direct journey to Frankfurt City even more efficient. There are few things as important to business as securing and developing worldwide business contracts. Gateway Gardens offers plenty of opportunities to do just that, from initiating new business ideas to acquiring new

clients. Gateway Gardens is a knowledge, transport and innovation hub and cooperation between businesses will not only benefit from its location but also from its campus-like environment. Everything in Gateway Gardens is geared towards creativity. Hotels and conference rooms encourage networking and even the park will have public wifi access. ‘Businesses that come here have a similar profile. They are creative, productive, and inspirational,’ Hennig says. ‘They’re the kind of businesses which make for a good entrepreneurial environment. We see companies from the logistics and mobility cluster as well as healthcare and pharmaceutical businesses and aviation-related companies.’ Gateway Gardens was officially welcomed as Frankfurt’s latest city district in July 2008. In the same year LSG Sky Chef, part of Lufthansa, inaugurated the world’s largest production facility for airline meals in the area. Since then around 30% of the available real estate has been taken up by businesses settling in Gateway Gardens. ‘Some 4,000 people are now working in the area. Finished in a couple of years time the number will be around 18,000 and Gateway Gardens will be probably the most central and most mobile location in Europe’, Hennig says.

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A PUBLIC-PRIVATE JOINT VENTURE Gateway Gardens is a joint project between the City of Frankfurt am Main and Grundstücksgesellschaft Gateway Gardens GmbH. Fraport AG, Groß & Partner Grundstücks entwicklungsgesellschaft mbH, and OFB Projektentwicklung GmbH each hold a participating interest of one third in the property company Grundstücksgesellschaft Gateway Gardens GmbH. The property company directly handles the development and infrastructure provision for the location, and the plot sales. Together, these private sector partners hold a 50% stake in the project development company Gateway Gardens Projektentwicklungs-GmbH, with the City of Frankfurt am Main holding the other 50%.

Gateway Garden companies

• LSG Sky Chefs, the world’s largest provider of airline catering, has operated its single biggest production plant in Gateway Gardens since June 2008. • The House of Logistics & Mobility (HOLM) has built a new building as an interdisciplinary research and educational facility which opened in June 2014. • The Park Inn by Radisson Frankfurt Airport has 209 rooms and opened for business in June 2010. • Imtech, a Dutch civil engineering company, relocated its

The 15-storey Alpha Rotex Tower is the tallest building in Gateway Gardens XIV

head office for central Germany to Gateway Gardens in March 2012. It shares an office complex with the German-Turkish airline SunExpress. • In March 2012, the airline Condor Flugdienst GmbH moved its group head office including its flight operation centre and training centre complete with flight simulator, to Gateway Gardens. • The Schiff-Martini & Cie tax services firm rented space in the Condor building as well. The Europe headquarters of HOYA Surgical Optics EMEA also moved here. • DB Schenker, a leading logistics firm has its new headquarters in the 68-metre high Alpha Rotex office high-rise. Another tenant is HCS Group, manufacturer of hydrocarbon-based special products and solvents. • In early 2012, the Meininger Hotel Frankfurt/Main Airport became the second hotel to open at Gateway Gardens, offering 168 rooms. • Yet another hotel at Gateway Gardens is the first Element brand hotel in Europe by Starwood Hotels & Resorts. Its 133 rooms are housed in a new building that opened in August 2014. • The recently launched Moxy hotel brand belonging to the Marriott Group plans to establish a 300 room hotel on the site.

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