DGAP-News

IMMOFINANZ continues expansion in Germany: construction of corporate headquarters for trivago as further milestone

DGAP-News: IMMOFINANZ AG / Key word(s): Real Estate/Miscellaneous
IMMOFINANZ continues expansion in Germany: construction of corporate
headquarters for trivago as further milestone

05.10.2015 / 09:40

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IMMOFINANZ is continuing the expansion of its standing investment portfolio
on the German market and presents another major office development project
at the Expo Real. In the Düsseldorf Medienhafen, a new headquarters will be
built for trivago, the world's largest online hotel search. This modern
complex will have roughly 26,000 sqm of rentable space in the first
section. The investment costs are estimated at approx. EUR 145 million. By
mid-2018 the office portfolio in Germany will grow to nearly 200,000 sqm
with annual rental income of up to approx. EUR 40 million. The investment
costs for the own developments amount to nearly EUR 650 million. The German
share of the standing investment portfolio will increase from approx. 7.5%
to almost 17% (including logistics) or almost 13% (excluding logistics).

"The trivago corporate headquarters is our fourth development project on
the Düsseldorf market for prime office properties and will raise our
offering of space in this city to roughly 70,000 sqm. As a matter of fact,
the lease with trivago also represents one of the largest single office
rentals in IMMOFINANZ's history", indicated Oliver Schumy, CEO of
IMMOFINANZ. "The trivago building fits perfectly with our strategy and will
be an attractive addition to our impressive list of flagship projects in
North Rhine-Westphalia, which includes the Gerling Quartier in Cologne, the
FLOAT office complex designed by Renzo Piano in Düsseldorf and the largest
cluster project in the expansion of the RWTH Aachen. The 'Big-7' cities in
Germany will also represent a geographical focal point for our future
growth."


IMMOFINANZ's future portfolio in Germany:

Düsseldorf:

* TRIVAGO HEADQUARTERS: approx. 26,000 sqm of rentable office space in the
first section, completion in mid-2018
The new trivago corporate headquarters will be located on the Kesselstrasse
in the Medienhafen, with sop architects responsible for the design. The
six-storey, horizontally structured building will open towards the harbour
basin and create a generous campus with an inviting atmosphere. The first
building section, which has been leased in full to trivago, covers approx.
30,000 sqm (including 26,000 sqm of office space) and 570 parking spaces.
Construction will start in spring 2016, and the first section is scheduled