Q2 update from the developer:
What percentage of the space is currently rented?
Are there any changes to the tenants?
Please briefly describe the changes in the tenants?
The property was re-let.
Is there currently any renovation work or are some in the planning stage?
Please briefly describe the current or planned renovation work.
Conversion of the extension of the property according to the building application. The building application is currently being submitted by the building authority of the city of Dortmund
processed. The building permit will be issued in summer (late summer). Delay in the process because of the Corona pandemic.
Are further measures for the optimization of the stock planned or carried out?
What measures are planned or planned for optimizing the portfolio?
Reconstruction and expansion of the property and new occupancy.
What is the current annual net rent?
The corona pandemic has so far caused delays in planning and public law approval procedures conducted.
New documents were also added to the documents section.
Cityhaus 100 GmbH has acquired the “Galerie Konze” commercial building at Werner Strasse 1 in 44388 Dortmund. It is planned to optimize the existing space through extensive renovation measures and to rent it out again. At the present time, a pre-letting rate of over 90% can already be demonstrated. The building application has been drawn up in close consultation with the responsible authorities and will be submitted shortly. After completion of the renovation work and handover of the space to the tenants, the property will be sold to a global investor.
Security with this investment
To secure the loan claims, a trustee provides security in the land register along with a notarial abstract enforceable acknowledgment of debt in the amount of EUR 2,860,000.00, in the rank of the primarily financing bank and its land registry security in the total amount of EUR 6,300,000.00 on the property in the Werner Strasse 1 in 44388 Dortmund ordered and registered. In addition, the managing directors of the issuer, Mr. Craig Ballantyne and Mr. Rüdiger Pinno, personally give each one a guarantor maximum amount guarantee in the amount of EUR 100,000.
Use of funds
The funds raised here will be used to optimize the financing structure as part of the purchase and to partially finance the renovation and renovation costs of the “Galerie Konze”. Partial amounts of the loan are also used to ensure the initial liquidity for the fee and interest payments for the investment offered here.
Macro location of the Rhine-Ruhr metropolitan region
In the west of Germany, along the Rhine and the Ruhr, the Rhine-Ruhr metropolitan region of the same name extends. There are 53 cities on a total area of 7,000 km², which are connected by a well-developed road and rail network and have around ten million inhabitants. This makes it the most populous region in Germany. To the east, the so-called “Ruhrpott” is bordered by the city of Hamm and west by Mönchengladbach.In 2010 the region was the European Capital of Culture and is still one of the most exciting excursion destinations within the EU. The eventful history of the Rhine-Ruhr region can be marveled at by around 3,500 industrial monuments, which offer both residents and visitors a wide range of leisure and cultural activities. Both the former largest coking plant in Europe and the world's largest coal mine are located in the metropolitan region. The mines together form the Zollverein Coal Mine, which is part of the Unesco World Heritage and at the same time represents one of the most impressive monuments of industrial culture. The density of cultural institutions in the Ruhr area with a total of over 200 museums, 100 cultural centers, 100 concert halls, 120 theaters and 250 festivals is unique in Europe.
As part of the Rhine-Ruhr metropolitan region, the city of Dortmund with around 600,000 inhabitants is the most populous city in the Ruhr area and is therefore in eighth place in Germany as a whole. With around 51,000 students at six universities and 19 scientific institutions, Dortmund is one of the ten largest university cities in Germany. Then as now, the city is associated with the production and trade of goods. For a long time, the entrepreneurial focus was on steel production and coal mining. Today Dortmund is a versatile business location. Among other things, the company headquarters of various statutory and private insurance companies are located here. As a city of science, Dortmund is a popular location for companies from future industries.Dortmund is also a cultural city. In addition to numerous historical museums and art collections, the city is home to a theater and a concert hall, which is one of the 21 best concert halls in Europe. The city is characterized by a high proportion of green spaces, with the various parks, meadows and forest areas accounting for almost 50% of the urban area. Among them is the Westfalenpark, which is one of the largest inner-city parks in Europe with an area of around 70 hectares. A tourist highlight is the SIGNAL IDUNA PARK, venue of the Borussia Dortmund club, which was inaugurated in 1974 under the name “Westfalenstadion” and offers space for 81,000 visitors.
Planned financing structure
The project is carried out by Cityhaus 100 GmbH. The company's registered office is at Friedrichstraße 40 in 42105 Wuppertal. It is registered under number HRB 30205 in the commercial register of the local court in Wuppertal. The object of the company is the purchase and sale of real estate and asset management in the real estate sector. Managing and indirect shareholders of Cityhaus 100 GmbH are Mr. Craig Ballantyne and Mr. Rüdiger W. Pinno.
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