CapitalBAY buys retirement home in Wiesbaden and continues to expand its nursing home portfolio

Berlin, 29 January 2019 – Berlin-based Capital Bay GmbH (CapitalBAY) has bought the Dr. Drexler retirement home in Wiesbaden for an amount in the mid-double-digit million euro range from the Thamm Group. The former Haus der Gesundheit directly borders the spa gardens (Parkstrasse 8-10). Previously operated by Dr. Drexler GmbH & Co., CapitalBAY’s strategic partner, the CURATA Group, will now take over operations.

The Dr. Drexler retirement home was originally founded as a health and wellness clinic in 1969 and then gradually transformed into a retirement and nursing home. It includes four buildings with close to 14,000 sq.m. of GLA on an 11,000 sq.m. park-like plot. The three residential buildings include 261 beds, two libraries, fitness and community spaces as well as doctors’ offices. The ground floor of the main building hosts a communications centre with a reception, a hotel-style restaurant, a hairdresser, a coffee bar and a self-supply shop. Additionally, the residential areas feature kitchens and a permanent art exhibition is hosted on the site.

Dieter Wopen, Managing Director of CURATA, says: “With 2,857 beds and 28 institutions, the CURATA Group now belongs to the 30 largest nursing home operators in Germany. In order to reach our goal of entering the top 10, we are putting an emphasis on digital administration and care processes. At the same time, we are safeguarding the availability of well-trained nursing staff for our homes with the foundation of a training academy.”

George Salden, CEO of CapitalBAY: “Following Frankfurt, Bad Soden, Ortenberg and Nidda, Wiesbaden perfectly complements our regional cluster. Demand for nursing home spaces in the city is strong – with its high quality of life, Wiesbaden is very popular with the elderly. We still see high potential for the senior and nursing home market and plan to acquire further properties in the growing asset class.”

The senior residence is located close to Wiesbaden’s inner city. Several doctors’ practices, clinics and numerous leisure and cultural facilities are located within walking distance.
The seller was advised by Jones Lang LaSalle SE in the transaction.

StartupGeist nutzt den Konzernen

Berlin, 12. Juli 2018 – StartupGeist nutzt den Konzernen.
In der Proptech-Szene ist es etwas ruhiger geworden, seit die Zahl der Neugründungen abnimmt. Statt sensationeller Einzellösungen und großer Finanzierungssummen sehen Start-ups wie etablierte Immobilienunternehmen die Zukunft vor allem in konkreten gemeinsamen Projekten, einem Aufbrechen behäbiger Prozesse in den Konzernen und der ständigen Bereitschaft, voneinander zu lernen. Zusammenschlüsse und Kooperationen bestimmen derzeit die Nachrichtenlage bei den Proptech-Startups eher als Berichte über spektakuläre Neugründungen. Der mediale Hype um die technologische Transformation der Branche scheint etwas abgeklungen zu sein. Auf dem 2. Heuer Real-Innovation-Kongress in Berlin spürten Proptech-Vertreter und Immobilienprofis daher vergangene Woche der Frage nach, an welchen Stellen Nachholbedarf in Sachen Innovation besteht und wie sich die Zusammenarbeit zwischen Etablierten und Technologiefirmen verbessern lässt…

Immobilien so schnell handeln, wie andere es mit Aktien tun

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…

CapitalBAY kauft Wohn- und Gewerbeprojekt in Hamburg für Spezial-AIF

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.

CapitalBAY secures second residential and office building in Ahrensburg in forward deal on behalf of pension fund

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.

CapitalBAY places residential portfolio valued at EUR 100 million in own fund

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.”

CapitalBAY: Oliver Müller is new Managing Director at CB Property Management

Berlin, 1 October 2018 – Berlin-based Capital Bay GmbH (CapitalBAY) has expanded the management of its subsidiaries by appointing Oliver Müller to Managing Director of CB Property Management GmbH at the end of August.
As MD responsible for the operative client business, he will develop CapitalBAY’s property management strategy and support the integration of further asset classes.
Oliver Müller has more than 15 years of experience in well-known property companies. He worked as an MD in the Bilfinger Real Estate Group (now Apleona), and most recently as Chief Operating Officer of VIVANIUM Real Estate Services. The 41-year-old played a significant role in the two firm’s development. In his last position, he was responsible for the asset and property management of a diversified property portfolio worth over EUR 6 billion.
George Salden, CEO of CapitalBAY, says: “We count ourselves lucky to have attracted such an experienced and innovative employee as Oliver Müller, who will advance the development of our property management unit. The ‘face to the tenant’ is of special importance to us as CapitalBAY aligns all value-creation processes with the demands of the property’s users.”

Tetra-Pak-Gelände in Heiligensee: Grünes Quartier statt Industriebrache

Berlin, 02. Oktober 2018 – Auf dem Gelände der ehemaligen Tetra Pak-Produktionsstätte in Berlin-Heiligensee soll ein grünes Wohnquartier entstehen. Das seit mehreren Jahren brachliegende Gewerbeareal am Nieder Neuendorfer See kann damit einer neuen Nutzung zugeführt werden. Dafür wurden die Änderung des Flächennutzungsplanes und der Prozess für ein Bebauungsplanverfahren eingeleitet. Mit einer zweitätigen Ideenwerkstatt hat der Eigentümer und Projektentwickler Capital Bay nun den Auftakt für einen Dialog mit Anwohnern, Vereinen, Gewerbetreibenden und Bezirkspolitikern gesetzt.
„Wir wollen heute Ihre Wünsche und Ideen einsammeln und gemeinsam herausfinden, welche Nutzungsformen das neue Quartier künftig bereichern können“, betonte George Salden, Geschäftsführer (CEO) von Capital Bay zu Beginn der Ideenwerkstatt. „Wir haben als Berliner Unternehmen mit Sitz in Schöneberg unseren Fokus auf Berlin und bringen unsere Erfahrung in der Revitalisierung von Arealen ein“, erklärte Salden. Zentrales Ziel der bürgerbeteiligten Ideenwerkstatt sei es, die Ideen und Wünsche der Anwohner zu bündeln und als Impulse zur Quartiersentwicklung in die Gespräche mit dem Bezirk einzubringen.
Entlang verschiedener Thementische wurden zentrale Aspekte der Quartiersentwicklung angesprochen – darunter Infrastruktur, Mobilität, Nahversorgung, Wohnformen und Bebauungsarten. Übereinstimmend äußerten die Anwohner den Wunsch nach einer Verbesserung der Verkehrsinfrastruktur insgesamt. So forderten zahlreiche Teilnehmer den weiteren Ausbau der S-Bahn in Richtung Berlin. Diskutiert wurden auch eine zusätzliche Bushaltestelle, Park-and-Ride-Stellplätze in der Nähe des S-Bahnhofs Heiligensee, ein Parkraumkonzept sowie Car-Sharing-Angebote in dem zukünftigen Quartier. „Es braucht ein intelligentes Mobilitätskonzept“, so die einmütige Meinung…

CapitalBAY: Matthias Nimmich new Head of Mergers & Acquisitions and Treasury

Berlin, 28 August 2018 – Capital Bay GmbH (CapitalBAY) continues to expand its management team. With effect from July 2018, Matthias Nimmich has joined the Berlin-based investment management company as Head of Mergers & Acquisitions and Treasury. Nimmich previously worked as Head of Finance for Julius Berger Nigeria Plc, a leading construction company of abour 10,000 employees, where he was in charge of cash management and working capital financing, among other things.

At CapitalBAY, Nimmich is going to coordinate financing of all M&A projects – including both real estate and company acquisitions – and to manage pre- and post-merger integration.

Prior to Julius Berger Nigeria, the 33-year-old business administration expert worked a total of nine years for juwi AG in Wörrstadt, most recently serving as Team Leader Financial Services in the corporate finance department. He managed financing deals in the form of bonded loans and syndications worth over EUR 500 m.

“We are very happy to add such an energetic and successful professional with Matthias Nimmich. With his help, we will expand our internal competencies in order to be able to operate even more effectively in the market when it comes to transactions”, says CapitalBAY CEO George Salden.

Nimmich studied industrial management at the European University of Applied Sciences in Brühl, Germany, and holds a Diplom-Kaufmann (FH) degree.

Capital Bay enters growing micro-living market

Berlin, 6 August 2018<– The Berlin-based investment and asset manager Capital Bay (CapitalBay) is expanding its business activities to include the “micro-living” sector. For this purpose, CapitalBay is establishing its own platform for micro living as of 1 September 2018 under the name CB Micro Living GmbH. In order to get off to the best possible start, CapitalBay has acquired the expertise of the entire management team of UPARTMENTS Real Estate GmbH (formerly YOUNIQ Service GmbH). A total of 15 employees will join the new CapitalBay subsidiary at September 2018. Within the next three years, at least 10,000 apartments are to be developed or acquired for CapitalBay’s investment partners, and integrated into the company’s own asset, property and facility management. A development in Berlin with 200 apartments, the purchase of a Germany-wide portfolio with 5,000 units and a management contract for 2,000 apartments are already under consideration...