GIEAG starts next phase of real estate project in Karlsruhe
GIEAG Immobilien AG (GIEAG) is starting the next phase of its major real estate project in Karlsruhe. This group of properties in Philipp Reis Straße/Rüppurrer Straße comprises the “technology building” and the “management building”. The “technology building” has around 22,000 square meters and GIEAG has now succeeded in extending its rental agreement with a telecommunications company over the long term. The next stage is to revitalise the “management building” which offers a total of around 11,000 square meters of space. Given this background, negotiations have already started with various interested parties as future global tenants. The future use and design of the building depends on the results of these negotiations, which are looking promising. In parallel, in agreement with the City of Karlsruhe, GIEAG has launched an urban development competition as part of a commissioning of multiple experts for the design and future use of the existing external areas. This competition is scheduled to end in July 2018.
Thomas Männel, a member of GIEAG’s managing board, commented: “Our project in Karlsruhe is allowing us to once again show GIEAG’s pioneering innovations for asset management and property development. The triad of the long-term extension of the rental agreement in one part of the building, the revitalisation and new rental of the other part of the building, coupled with the re-design of the external areas is allowing us to reposition the entire property. In so doing we are creating an urban development environment which is equally attractive for potential tenants and neighbours. At the same time we are increasing and securing the value of the property and the site over the long term.”