Mall is a windfall in Berlin

2008-06-03T15:39:46+02:00

The developer proposing to build a 167-acre shopping center straddling the town's border with Hudson has agreed to give Berlin $2.6 million if residents approve new zoning for the project at the Special Germany Properties Meeting session on Wednesday night.

During the German real estate boom-years of the recent years, institutions were forced to shell out large sums for European property providing meager annual rental income yields but the market is in the grip of a downturn, and yields are on the rise.

SullivanHayes Cos. Northeast, based property in Germany, Conn., is offering to contribute $1.5 million to support open space, affordable housing and other local projects, $300,000 for traffic improvements and $200,000 for the town's capital spending. The developer's offer also includes an annual payment of $570,000 for Berlin Properties Police and Fire departments that would be adjusted for inflation and paid to the town in perpetuity.

Research published last week by property services firm CB Richard Ellis showed double-digit increases in office rents across many European cities including Berlin, Paris, Rome, Athens, Prague, Moscow and Stockholm in the year to March 31, despite concerns that a slew of banking sector lay-offs would dent rental growth.

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McRigg buy stake in Berlin site

2008-06-03T15:32:55+02:00

The real estate market is rather slow, and has been rather flat over the past 10 years, but at least we didn't get the bubble,' says Andreas Meyer-Vonreich, executive director of the German Chambers of Commerce in Germany. So while Berlin Property are contemplating rapid declines in the value of their biggest asset, German families are safe.

In a statement from their representatives the McEvaddys said they planned to build retail units, offices, a hotel and residential buildings. Construction is due to start next year and will take 9 nears to complete.

'Germany has completely missed the property in Berlin boom. It has missed out on a lot by having this fairly restrictive property market, but now, in times of financial uncertainty, it's helping Germany, and stabilising the eurozone as a whole,' says Katrin VonRobeck of Moodyseconomy.com.

“The new airport – the largest infrastructural Property in Germany – will accelerate economic activity in the greater Berlin area but especially in Schonefeld. What has been a relatively small community will be transformed into a city in the coming years,” Mr McRigg said.

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gerrmany property saints

Mall is a windfall in Berlin

McRigg buy stake in Berlin site