Successful refurbishment in Ismaning
Short overview and success analysis
The decisive success factors in this development of existing real estate include many years of experience in the implementation of refurbishment projects and extensive expertise in the relevant fields of activity – from location analysis and feasibility studies to marketing optimisation.
During the project period (completion in the first quarter of 2015), the lease quota by yield was increased from a starting point of 8% to over 80%. The building was successfully sold in 2015 as part of the ‘Aqua’ portfolio sale.
The initial situation
When the main lessee moved out, the vacancy level in the building, acquired in 1996, increased to 90%. In view of the increasing vacancy rate and the fact that the impression made by the building was no longer contemporary, Union Investment decided on a comprehensive refurbishment in 2011.
With the requirement of value retention and a guarantee of sustainable commercial viability for the property, the aim was to support accelerated reduction of vacancy levels and counteract potential loss of value. To this end, Union Investment developed a manage-to-core strategy including optical and structural maintenance and value-creating extensions to the interior and exterior. At the same time, a rebranding was carried out to help leasing. A total of 6.5 million euros was invested in the measures.
Svent Lintl, Head of Asset Management Germany
The aim of the measures was to create a new overall image that was suitable for the current time and the target group, on the basis of the existing structure. This included renovation and redesign of the exterior facilities and interior courtyards, architectural improvement and redesigning of the entrance area and the construction of an additional parking level.
As well as comprehensive concrete refurbishment with conversion to district heating and the necessary fire safety measures, the development of the lease area for office and parking purposes also involved flexible room division with ideal layouts to offer varied use possibilities at a later point.
The newly constructed parking level particularly takes into account the growing need for parking spaces designed for larger vehicles. This not only had a positive influence on the number of parking spaces required, but also notably increased the quality of parking spaces at the same time, to sustainably increase the chances of leasing in future.
Bent Mühlena, Head of Real Estate Project Management
A high-quality natural stone facade and the modern office areas combine space, design and technology. The straight-lined, uncomplicated architecture can be seen in clear structures, flexible room designs and appealing stylistic interior details, creating an unmistakable and contemporary working environment.
On the way to a core property
You can follow how PURO became a real estate brand in our image gallery.
The building before refurbishment started
Simulation of the refurbished building
Interiors before refurbishment started
The building after refurbishment was completed
The lobby after refurbishment was completed