DGAP-News: Beginning of the second InCity partner project in Frankfurt/Main

DGAP-News: InCity Immobilien AG / Key word(s): Miscellaneous
Beginning of the second InCity partner project in Frankfurt/Main

08.02.2011 / 11:41

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Beginning of the second InCity partner project in Frankfurt/Main 

- Construction of a new seven-storey residential and office building 
- Project volume of roughly EUR 18 million 
- Second accredited InCity partner in the Rhine-Main region
- Other projects set to finish

Cologne, 8 February 2011 - InCity Immobilien AG is beginning its second new
construction project in Frankfurt as part of the InCity partner model. With
a project volume of roughly EUR 18 million, a seven-storey residential and
office building will be built over an 18-month period in the desirable
neighbourhood of Frankfurt-Dornbusch. The project will comprise 62
residential units with 4,440 sqm in total floor space, 915 sqm in retail
space, and 88 parking spaces. Construction will begin in the second quarter
of 2011.

InCity Immobilien AG holds a 51 percent share in the project company. Based
on a joint-venture financing agreement, InCity will provide 19 percent of
total costs to the project company as equity in the form of a loan. Upon
global sale of the object, planned for the first half of 2011, around 50
percent of the amount of the loan will flow back into InCity.

An additional InCity partner has been accredited, Frankfurt-based project
developer Theodor Schulze-Oechtering's company SO Grund GmbH. Mr.
Schulze-Oechtering has been gaining experience in project development,
building renovation and modernisation since 1992, and the Executive Board
has known him for years as a reliable business partner. The 'Frankfurt
Dornbusch' project will be implemented by a general contractor under Mr.
Schulze-Oechtering's supervision.

The project site benefits from good infrastructure and is located between
Hessischer Rundfunk and the Westend campus of the Frankfurt University.
Frankfurt city is only a few minutes away.

'We are pleased to have gained another InCity partner in the prospering
Rhine-Main region with SO Grund GmbH. The 'Frankfurt Dornbusch' new
construction project is the second promising real estate project under the
InCity partner model. In addition to our investment in the two highly
profitable project companies 'Frankfurt Alte Oper' and 'Frankfurt
Dornbusch', we are working intensively on additional promising projects,'
says Jürgen Oppelt, CEO of InCity Immobilien AG.


About InCity Immobilien AG
InCity Immobilien AG specialises in providing innovative property project
investments and property project finance as well as designing and realising
high-quality properties. The company pools the experience from more than
250 projects for owners and investors. Accredited InCity partners with
regional know-how provide continuous and nation-wide access to attractive
projects. Within the scope of this cooperation, InCity's activities focus
on providing innovative joint venture project finance and project
controlling. The company utilises intelligent realisation concepts to
minimise typical risks encountered by project developers and at the same
time maximise earnings. It creates attractive, profitable properties in
Germany's largest growing cities. InCity Immobilien AG is committed to
taking a responsible approach with regard to society and environment. The
Company expresses this belief by participating in the UN Global Compact
initiative. For further information, please go to www.incity.ag.


Contact
InCity Immobilien AG
Mozartstrasse 1
50674 Cologne, Germany
www.incity.ag

Lars Kuhnke
Phone: +49 (0) 221 95 27 57 55
l.kuhnke@incity.ag


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Language:    English                                              
Company:     InCity Immobilien AG                                 
             Mozartstr. 1                                         
             50674 Köln                                           
             Deutschland                                          
Phone:       +49 (0)221 952757-55                                 
Fax:         +49 (0) 221 95 27 57 57                              
E-mail:      info@incity.ag                                       
Internet:    www.incity.ag                                        
ISIN:        DE000A0HNF96                                         
WKN:         A0HNF9                                               
Listed:      Freiverkehr in Berlin, Düsseldorf, Stuttgart; Entry  
             Standard in Frankfurt                                
 
 
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