Ambitious projects always featuring sustainable quality. Worldwide. In good hands at Union Investment.

Transcription

1 Ambitious projects always featuring sustainable quality. Worldwide. In good hands at Union Investment.

2 Union Investment has a 50-year track record of managing the entire property value chain. Throughout that period, development projects have been part of our investment strategy, and are now more important than ever. Our team of experts ensures that all our properties are top performers pre-purchase and also during the entire operational phase. That applies to locations as disparate as Hamburg, Brisbane, Tokyo and New York. Bent Mühlena Head of Real Estate Project Management / Union Investment 2

3 Comfortable with the toughest challenges From new builds and refurbishments to extensions, Union Investment has a long tradition of focusing on project acquisition and existing use redevelopments in addition to completed buildings. A dedicated 37-strong unit supports the full range of planning and construction activities across all building types. Worldwide. An offi ce building requiring refurbishment? A hotel project approaching completion? A shopping centre that urgently needs a new energy supply solution? The tasks are varied and complex, and the Real Estate Project Management (REPM) department is always heavily involved. We have the planning skills and technical ability required to handle acquisitions, modifi cation work and existing use redevelopments, which are generally considered by the real estate industry to be the toughest challenges of all. Gone are the days when location and architecture were the key drivers of property value. In today s world, building facilities also need to meet the highest technical quality standards, both at the time of acquisition and throughout the entire holding period. buildings, by contrast, involves quite different and very specifi c requirements. The architects, construction engineers and commercial staff that make up our team are fully acquainted with all challenges and see each and every project through from start to fi nish. We assess the quality of new acquisitions and provide end-to-end support for development projects. We also monitor the entire portfolio on a regular basis and carry out maintenance, upgrading and refurbish- Expertise of the our team OFFICE ment work, thereby extending the life of our properties and ensuring they remain young and competitive. While operating as a separate unit, we also work closely with the other asset management and investment management departments, acting both as consultant and service provider. Our three groups ensure fl exibility and focus, providing experts to cover every region and sector. LOGISTICS Expertise for every stage planning / technical skills A property s lifecycle starts at the development stage, which has a defi ning impact on its economic success. The redevelopment of existing HOTEL SHOPPING CENTRE 3

4 Sustainable building quality is about more than just going green From project deals to existing use redevelopments and pre-acquisition due diligence to optimisation during ongoing operation, the Real Estate Project Management team comprises a formidable array of skills. Our technical expertise ensures smooth, cost-effective building operation and the sustainability of our portfolio. Akzo Nobel, Amsterdam, Netherlands The company s founders recognised from the start that project acquisitions pay off, which is why they remain a central part of our business at Union Investment. A good third of all investments in recent years have been made at the project stage. This has been an effective way of countering the shortage of core real estate, while also allowing us to share in letting successes and provide input on architectural and quality aspects. Our team always takes the lead role, supporting projects during the various stages from early planning through to completion. We have the requisite in-depth knowledge, covering everything from planning law in London to optimum grid spacing in our native Hamburg. Our many years of experience deliver real benefits here, as does our local presence. We collaborate with architects and project developers as fellow professionals, with a shared understanding of the issues involved. Ensuring quality from the start Our expertise is also in demand for acquisitions. We use our proprietary Sustainable Investment Check tool to assess the economic, ecological and social credentials of every property prior to purchase. If the minimum number of points is not achieved, we advise against acquisition. Although the SI Check is not a substitute for sustainability certification, it does provide a very clear indication of a building s potential and also reveals any shortcomings. When it comes to sustainability, the bar at Union Investment is set high. Currently, 93 of our 349 fund properties are certified. They represent a total property value of some EUR 10 bn. Apart from being an impressive statistic, the practical benefits for our tenants also add up. Our team plays an essential role in delivering the multi-pronged sustainability strategy that has led to Union Investment s high green-building ratio. 4

5 Stadtquartier Riem Arcaden in der Messestadt Expansion West, Munich, Gemany The portfolio forever young and fit To prevent our properties being negatively impacted by ageing, we carry out regular assessment and ensure they remain state of the art. This involves drilling down into the building s data, because we understand that each property is unique. We oversee necessary maintenance work, from ventilation systems to water pumps, from lighting to building services. This proactive approach ensures that our buildings are always in perfect technical condition. In some cases, though, maintenance is not enough. Ineffi cient fl oor plans, outdated techno logy and excessive water or energy consumption are all factors that can render older properties uncompetitive. We carry out detailed analysis of such buildings and consider the options. For properties in prime locations in particular, this is currently the ideal time for refurbishment across many markets. Here again, we play an active role, transforming impractical fl oor plans and converting single-tenant properties into multi-tenant buildings. This often involves the creation of additional rental space, while building services are almost always upgraded. Rainwater harvesting systems may be implemented, effi cient heating and cooling systems installed or investment made in the user experience. All these aspects increase the property s attractiveness and make re-letting easier. Consumption benchmarking across the entire portfolio But we don t stop there. Our Portfolio Sustainability Management (PSM) system developed specifi cally for Union Investment allows us to work with tenants to improve their resource usage, thereby boosting the effi ciency of our Allmann Sattler Wappner Architekten prop erties. We are the fi rst institutional real estate investor to capture water, energy and waste consumption fi gures for the majority of our properties. We then extrapolate the values for the overall portfolio. This data has been collected regularly for the past four years. It not only enables comparisons at property and tenant level, but also permits identifi cation of measures that benefi t our tenants in particular whether they occupy a hotel in Hamburg, a shopping centre in Prag or an offi ce building in Sydney. Reporting / SI Check 5

6 Applied expertise We are known throughout the industry for our outstanding planning skills and technical expertise. These strengths are not only vital in development projects, they also play a key role in refurbishments and when repositioning older properties, something we are currently undertaking with Malesherbes, located in the heart of Paris. Constructed in 1960 and renovated in 1997, this office building with a total rental area of approximately 7,050 sqm has been part of Union Investment s property portfolio since When the main tenant moved out in 2014, we decided to comprehensively refurbish Malesherbes under the direction of IPM in order to ensure the building remained competitive in the Paris office property. As part of our forward-looking asset management approach, the Grade A property would also be repositioned within the French capital s office market. The remodelling and modernisation work started in July 2016 based on plans by renowned architects Valode & Pistre, who emerged as the winners in a restricted architectural tender. The main elements of the construction work, which will cost Union Investment approximately EUR 25 million, include: Creation of a second main entrance on the north side with direct access to public transport Remodelling the rental and office space Creating a prestigious entrance area over two storeys, as well as terrace areas in the upper and lower part of the building Renovating the façade in keeping with the architectural style of the neighbouring buildings and using eco-friendly materials Installing modern, energy-efficient building services and facilities This existing use redevelopment project has a strong focus on sustainability and we aim to gain various sustainability certificates (HQE Excellent, BREEAM Excellent, BBC Low Consumption Building). Due to its superb location, attractive architecture, high quality facilities and prestigious rental space, the updated Malesherbes building will meet the demands of even the most discerning tenants and also maximise the opportunities for successful reletting. Malesherbes, Paris, France Agence Valode & Pistre architectes associée A.Béchu. DR. 6

7 Project deals and existing use redevelopments a snapshot SEESTERN 3, Dusseldorf, Germany Holiday Inn Warsaw Rund City Centre, Vier, Wien, Warsaw, Österreich Poland Southpoint, Brisbane, Australia th Street, Washington, USA Meliã, Paris, France 7

8 Your contacts Bent Mühlena Head of Real Estate Project Management Phone: bent.muehlena@ union-investment.de Ernst Högemann Head of Project Management Germany / Shopping Centres / Hotels Phone: ernst.hoegemann@ union-investment.de Olaf Staiger Head of International Project Management Phone: olaf.staiger@ union-investment.de Knut Pfeiffer Head of Commercial Project Management Phone: knut.pfeiffer@ union-investment.de All information current at 30 June Union Investment Real Estate GmbH Valentinskamp 70 / EMPORIO Hamburg, Germany