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Attractive hotel investment at Potsdamer Platz in Berlin
Billedareal
Presentation
One of the most
prestigious business
areas in Berlin
A four-star equipped
565 rooms hotel
Conference facilities
Meeting rooms
Restaurant & bar
Roofed connection to
luxury fitness/wellness
centre in the adjoining
property
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Location Presentation
Location
Until 1989, the Berlin Wall lead through Potsdamer Platz.
Since the decline of the Wall, the entire area has been
gradually reconstructed.
Today, the square appears as the new ”city in the city”
Great supply of culture, shopping arcades, restaurants, casinos,
offices, residents etc.
Around the Potsdamer Platz, well-known architects have built a
number of significant buildings as for ex.
The Sony-Center Daimler-City Berlin’s Central Station
Address
Gabriele-Tergit Promenade / Köthener Strasse, Berlin
DistancesPotsdamer Platz business center: walking distance 3
minutesCity centre (Friedrichstrasse): Taxi 5-10 minutes Berlin
International Airport (Schönefeld) : Taxi 15-20 minutes U-Bahn
Station: walking distance ½ minute
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Tenant description Presentation
The tenant
Scandic Hotel Germany GmbH (the tenant) is a daughter of Scandic
Hotels AB (guarantor of the payments under the lease).
Scandic Hotels AB has an equity of EUR 330 Millions. The
ultimate owner of Scandic Hotels AB are EQT and Accent.
Scandic’s vision is to be the leading hotel chain in Europe in
its niche. The Scandic chain was established in 1963 in Sweden.
Today, there are more than 150 Scandic hotels in Denmark,
Sweden, Norway and Finland.
Under its new ownership (2007), Scandic wants to expand by
20.000 rooms over the next 5 years and Scandic is currently looking
for sites and properties in Germany in Munich, Frankfurt, Hamburg,
Cologne and Stuttgart.
The core selling points are to give the business- and leisure
guest an easy accessible, relaxed, comfortable, price attractive
and sustainable stay in a hotel designed with a Nordic touch.
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The property Presentation
Hotel expected to open in October 2010
8 storeys, 565 rooms, conference- and meeting facilities,
totalling 30.700 m2
Basement (parking parcels ca. 57, storage, technical), totalling
2.935 m2
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Rental situation Presentation
Rental situation
The lease is fixed for 15 years with a tenants option to extend
the lease 2 x 5 years
The rent is a turnover rent (with unlimited scope on the upside)
and a guaranteed minimum rent:
The turnover rent is:33,25 % of the turnover from rooms and
conferences plus8,50 % of F&B and any other turnover of the
hotel
The minimum rent the first 12 months is EUR 4,5 Mio. and EUR 5,1
Mio. the next 12 months after opening. The minimum rent changes
yearly by 100% of the VPI change after the full second year.
Scandic Hotels have budgeted a turnover corresponding to a lease
of EUR 7,78 in the first stabilized year (2014)
Property costs
The landlord is responsible for all costs for external
maintenance of the property as well as property insurance.
The tenant will carry all other operational and inside
maintenance costs.
FF&E & OE is ownership of the landlord. The tenant must
build FF&E & OE reserves by paying in 3 % of the annual
hotel turnover on a separate account from year 3 (year 1 = 1 %,
year 2 = 2%). The tenant is allowed to repair and replace items out
of this account.
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Forecast rental income
4 427 000NOI (first 12 months)
- 82 000Maintenance (estimated at EUR 2,67 per m2 and year)
-67 000Insurance
- 10 000Property Management
4 586 000Expected RENTAL INCOME
EURP&L 2010/2011 (first 12 months)
Presentation
The budget is based on the turnover forecast of Scandic Hotels.
Scandic Hotels expect the turnover rent to exceed the minimum rent
right from the first full year. Inflation of all costs groups borne
by the landlord is set at 2.25% p.a.
32 710 08332 122 80531 545 97530 979 41230 422 93429 876 36329
348 50428 847 99928 380 79227 939 839NOI
2 464 0072 403 9092 345 2772 288 0752 232 2682 177 8232 124 7052
072 8832 022 3251 973 000TOTAL COSTS
35 174 08934 526 71333 891 25233 267 48732 655 20232 054 18631
473 21030 920 88230 403 11729 912 839TOTAL INCOME
2018201720162015201420132012201120102009DKK
8 394 0008 229 0008 069 0007 933 0007 756 0007 604 0007 017 0006
092 0005 461 0004 427 000Expected NOI
8 588 0008 419 0008 254 0008 115 0007 934 0007 778 0007 183 0006
259 0005 623 0004 586 000Expected rent
75757575757572666255Occupancy in %
2019201820172016201520142013201220112010EUR
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Property for sale Presentation
Advantages
Prime location – very limited space on stock in this area
Core investment property, benefiting from upside potential as
well as secured basic income stream.
Well established renowned tenant with a strong Scandinavian
base. Danes and Swedes are the 6. and 9. most frequent guest of
origin coming to Berlin from abroad.
Expected handover to Scandic Hotels in October 2010.
The purchaser is expected to buy the majority of shares of the
property owner, organised as a German GmbH & Co. KG.
An asset deal is possible. However this would trigger transfer
tax of 4,5% of the purchasing price.
External valuation report available on request.
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For further questions:
Schaumann Properties A/SStrandvejen 58DK-2900 HellerupTel.+45 70
21 01 13Fax+45 70 21 41 [email protected]
Kim Lautrup Kim LangCEO, Investment Vice President,
Development
Contact Presentation
