Berlin, 26. Juli 2018 – Die Ankaufprüfung bei Capital Bay in Berlin erinnert an den Handelssaal einer Bank.
George Salden, CEO des Investment-Managers Capital Bay, ärgerte sich früher oft über schwerfällige und ungenaue statische Bewertungsmodelle. Die fragen in erster Linie nach der Lage und dem Zustand eines Objekts, setzen es aber nicht in Bezug zu prognostizierter Marktentwicklung und dem Potenzial der Umgebung. Mit dem Proptech 21st Real Estate hat Salden einen Partner gefunden, um seine Vision einer dynamischen Investmentanalyse in Echtzeit umzusetzen.
George Salden ist ein viel beschäftigter Mann. Und er hat eine Vision: weg vom in der Immobilienwirtschaft allgegenwärtigen Paradigma von Lage, Lage, Lage hin zum richtigen Timing. Dass die Immobilienbewertung immer noch auf den Ist-Zustand eines Gebäudes abstellt, hält Salden in Zeiten hochdynamischer Märkte für einen schweren Fehler. „Wir befinden uns in einer Umbruchzeit. Die Frage ist: Wie kann ich die sich in ständigem Wechsel befindenden Zyklen in jeder Mikrolage richtig abbilden?“, fasst er seine überlegungen zusammen.
Salden, der früher Vorstandsmitglied von Arbireo Capital war und auf eine Transaktionserfahrung von über 5 Mrd. Euro zurückblickt, hatte seine Vorstellung vom idealen Investmentvorgang für Immobilien schon 2014 in einem Buch niedergelegt. Doch bevor er 2016 Capital Bay gründete, brauchte er eine digitale Basis. Die schuf er, indem er einige Monate zuvor mit Gleichgesinnten das Proptech 21st Real Estate aus der Taufe hob, das es sich zur Aufgabe gemacht hat, den Kauf- und Verkaufsprozess bei Immobilien zu digitalisieren. Dazu zählt zum Beispiel die vollständige Erfassung aller Mietspiegel, damit ein Bewerter oder Investment-Manager nicht bei jeder Prüfung erneut in einer Tabelle nachschlagen muss. „Repetitive Tätigkeiten verschwinden dadurch einfach“, sagt Nicolai Wendland, COO von 21st Real Estate. Das Zusammentreffen mit Salden bezeichnet er rückblickend als großen Glücksfall…
Berlin, 6 November 2018 – Berlin-based Capital Bay GmbH (CapitalBAY) has bought a residential and commercial property in Hamburg’s Langenhorn district in a forward deal. The purchase price was in the lower two-digit million euro range. The seller was Wall-Immobilienbesitz GmbH & Co KG V, based in Hamburg. Upon completion, the asset will become part of the open-ended Special AIF CB Wohnimmobilien Deutschland. HANSAINVEST Hanseatische Investment-GmbH is acting as the service KVG of the fund.
The property, currently under development on a 2,600-sq.m. plot on Langenhorner Chaussee 672-680, comprises 48 residential and seven commercial units with a total GLA of close to 4,800 sq.m. The five-storey building will feature one- to four-room apartments, an underground car park with room for 26 vehicles and bikes as well as storage space. Another ten parking spaces are located on the plot. Large windows, generous balconies, loggias and roof terraces will add to the property’s living comfort. The commercial spaces are to be rented to local suppliers, gastronomy and freelancers. Completion of the project, which is located close to a subway station, is scheduled for the third quarter of 2019.
Local Hamburger Immobilien-, Projekt- und Entwicklungsgesellschaft mbH (HIPE), is responsible for project development and management of the property. FCN Finanz-Consult Nord GmbH brokered the deal.
Christoph Geißler, CFO and CIO of Capital Bay GmbH: “With the new acquisition, we are complementing our residential Special Fund, focused on strong B-cities, with an attractive asset in an A-city such as Hamburg. The project will be offering living space for the entire demand spectrum, from one-room micro-apartment all the way to four-room family flats. The property is located in Hamburg’s North, close to Norderstedt, one of the most important centres of the Hamburg metropolitan region. The area is characterised by a significant demand overhand for apartments.”
With 1.8 m inhabitants, Hamburg is Germany’s second largest city. The German Economic Institute IW (Institut der deutschen Wirtschaft) this spring forecast a further population growth by 162,000 to close to 2 m inhabitants by 2035. Accordingly, CapitalBAY expects the housing shortage in the Hanseatic city to continue.
Berlin, 13 September 2018 – Berlin-based Capital Bay GmbH (CapitalBAY) has acquired a residential and office development in Ahrensburg near Hamburg in a forward deal from GfG Hoch-Tief-Bau GmbH & Co. KG, based in Henstedt-Ulzburg. CapitalBAY thus secured a second asset for a private placement for a pension fund.
The building, which will have a total rental area of approximately 3,060 sq.m., is located on the “Erlenhof-Süd” plot. It includes six commercial units with around 900 sq.m. as well as 48 residential units, seven of which are senior-friendly apartments and 30 furnished apartments for students and young professionals. Construction starts in October 2018, and the project is scheduled for completion by January 2020.
In February, CapitalBAY had already acquired a 4,600 sq.m. residential and office development on the same site, which is scheduled for completion in November 2018. Ralph Ziegler, Managing Partner of CB Transaction Management GmbH, says: “Our second forward deal in Ahrensburg marks the continuation of our growth strategy in the residential sector, especially in the micro-living segment. The transaction confirms our assessment that market demand for high-quality residential properties in Germany remains very high. The commercial units will help improve the infrastructure in this attractive new neighbourhood. As a fast and reliable partner, we were able to secure this deal.”
Ahrensburg is situated just under 30 kilometres north-east of Hamburg’s inner city. With a population of more than 34,400, it is the largest town in the Stormarn district. Ahrensburg has a direct connection to the A1 motorway and is located on the railway line between Hamburg and Lübeck. It is also linked to Hamburg’s underground railway network.
Berlin, 5 October 2018 – In September, Berlin-based Capital Bay GmbH (CapitalBAY) transferred a portfolio of 756 residential units in the German city of Hanover into CB Wohnimmobilien Deutschland, an open-end Special-AIF focused on German residential real estate. The properties, valued at more than EUR 100 million, had already been acquired last year.
The portfolio of 19 buildings, which is almost completely rented out, includes total floor space of more than 52,500 sq.m., of which 87% is for residential use. In addition, the property portfolio includes 41 commercial units and 116 parking spaces. Originally constructed between 1910 and 2004, the buildings are predominantly in city centre locations.
“This portfolio of properties in Hanover is a perfect addition to the existing holdings within the CB Wohnimmobilien Deutschland fund,” explains Christoph Geißler, CFO and CIO of CapitalBAY. “The city is not only the regional capital of Lower Saxony but is also attractive for its thriving economy and the high quality of life which it offers. At the same time, high demand is driving up rent levels.”
Development projects have, over recent years, failed to keep up with the city’s growth: Between 2013 and 2017, the population of Hanover grew to 541,800, an increase of about 17,300 residents. However, only 3,855 new residential units were completed over the same period, according to the most recent property market report of Wirtschaftsförderung Hannover.
CB Wohnimmobilien Deutschland has a target fund size of EUR 250 million and invests in residential real estate in Germany’s top seven metropolitan regions as well as other German cities with more than 100,000 inhabitants that offer strong long-term growth prospects. The fund already manages a portfolio of properties in such major German cities as Nuremberg and Dresden. The regulated capital management company (KVG) which administers the fund is HANSAINVEST Hanseatische Investment-GmbH.
“Until now, the investors have been exclusively German institutions such as insurance companies and occupational pension funds,” notes Markus Holzer, Managing Parter of CB Investment GmbH. “The appetite for these regulated Special Funds for professional investors continues to grow.”