Category Archives: Press releases

• Benjamin Johansson joins Philipp Pferschy on the GIEAG Management Board.
• The management of project development and project realization remains secured and continues to be the responsibility of Mr. Johansson.
• Furthermore, ESG, sustainability and research will be the new responsibility of Mr. Johansson.
• Joint ventures and strategic asset management are also new areas of responsibility on the Executive Board.

At its meeting on September 20, 2023, the supervisory board of GIEAG Immobilien AG appointed Benjamin Johansson as a member of the management board of GIEAG Immobilien AG effective November 1, 2023. In this position he will support Philipp Pferschy, who was previously the sole member of the management board.

Benjamin Johansson joined GIEAG on July 1, 2022 as Head of Projects as well as a member of the Executive Board. In April 2023 he was appointed authorized signatory. 

He looks back on 16 years of experience in the real estate industry, with a focus on project development and project management in the asset classes of residential and office development, hotel, light industrial/logistics development and district development.

 “I am very pleased that with Benjamin Johansson we can entrust a candidate from our own ranks to support us on the Executive Board. In the past year, Mr. Johansson has already implemented important processes and supported the further professionalization of our company,” says Prof. Christoph Ehrhardt, Chairman of the Supervisory Board of GIEAG.

“In view of the current challenging market and financing environment, the new Management Board will not only focus on developing a sustainable strategy, but also intensify process optimization. This is crucial in order to position GIEAG competitively even in these challenging times,” elaborates board member Philipp Pferschy. 

Thanks to the in-depth experience of the two Executive Board members, the company will be in a position to achieve the goals it has set itself and to survive successfully on the market in the long term.

GIEAG Immobilien AG (GIEAG), a nationwide project developer, has sold 118 residential units in Baumholder, Rhineland-Palatinate, with a total living space of approximately 11,500 square meters to Projekt Baumholder GmbH. In addition to 40 terraced houses, there are also 13 multi-family houses with six residential units each on the property, which has a total area of around 26,000 square meters. GIEAG had acquired the properties in April 2017.

“When we acquired the residential properties in Baumholder, we had recorded a high vacancy rate. In some cases, we have extensively refurbished and modernized the properties. Thanks to the great commitment of the GIEAG team, we now have almost full occupancy,” says Philipp Pferschy, CEO of GIEAG Immobilien AG. “Following the successful completion of the project, now is the optimal time for a resale.”

In addition to the adjacent Saar-Hunsrück Nature Park, which offers a variety of opportunities for leisure activities, Baumholder is also well connected in terms of transport via the highway 62, the federal highway 420 and a regional train station. In addition, the numerous shopping facilities in the town center are within walking distance of the properties for sale. Not far from the city are also several large U.S. military sites.

The buyer is Projekt Baumholder GmbH as well as Mr. and Mrs. Nill and Mr. and Mrs. Haberger.
VVO Haberger AG is a family-run Munich-based business consulting company that has been successfully active in financial consulting for over 38 years.
“We combine tradition and innovation and will offer with the project Baumholder GmbH for our customers in the asset class real estate a capital investment, which creates at the same time for the tenants affordable housing.
Here too, as in 2020 with the purchase of 55 semi-detached houses from GIEAG in Erbendorf, we are personally so convinced of the investment that we invest there privately and hold apartments in our own portfolio,” says Steffen Nill, COO VVO Haberger AG.
The marketing was accompanied by notary Markus Göser.
GSK Stockmann acted as legal advisor and ACTIO Revision und Treuhand GmbH as tax advisor for GIEAG Immobilien AG.

• Closing of the 2022 financial year with consolidated sales of 83.9 million euro.
• Challenging market environment results in consolidated net loss of Euro 2.6 million.
• Further purchases for forward-looking project developments.

The turnaround in interest rates on the capital markets has not left GIEAG Immobilien AG (GIEAG) unscathed. The project developer, which operates nationwide, closed the 2022 financial year with consolidated sales of 83.9 million euros. Thus, due to market-related declines in sales revenues, sales revenues were around 40 percent below those of the record result of 2021. The consolidated net loss amounted to 2.6 million euros. Despite the company’s solid balance sheet position, it was decided at the Annual General Meeting to cancel dividends in order to preserve the substance in the company and to ensure future-oriented investment capability.

“The 2022 financial year was undoubtedly one of the most challenging in GIEAG’s recent history due to the turnaround in interest rates on the capital markets,” explains Philipp Pferschy, CEO of GIEAG Immobilien AG. Nevertheless, the company was able to record some successes at the operational level. In Heidenheim, for example, a residential portfolio property was sold at a profit in the second half of 2022. At the same time, there were further leasing successes at the multi-tenant office building “Gerlingen Work” near Stuttgart. In the meantime, the occupancy rate is more than 90 percent.

“As GIEAG, we continue to focus on the development of modern, sustainable and high-quality real estate for tomorrow’s living and working. The current market environment holds numerous opportunities for us due to the restraint of some market participants and fallen purchase prices,” explains Pferschy. With “Oha Works” in Oberhaching near Munich, another forward-looking office project development was secured, and in Kümmersbruck, near Nuremberg, a promising site was acquired for the development of a modern and sustainable logistics property.

The strategic further development of the company was also driven forward in 2022, among other things with the new establishment of P2G as a shared service center of GIEAG and its sister company ATMIRA, which is also active in the real estate sector. P2G now takes over essential back-office cross-sectional tasks of both companies, including accounting, human resources, financing consulting, fleet and IT management. “In the future, we will position ourselves even more professionally as well as cost-efficiently, and focus even more on our core competencies in project development and portfolio management,” says Pferschy.

“On behalf of the entire supervisory board, I would like to thank the management board and all employees for their successful work in these not entirely easy times. Their tireless efforts are the basis for the fact that GIEAG is in such a solid position despite the difficult framework conditions and can look to the future with confidence,” says Prof. Christoph Ehrhardt, Chairman of the Supervisory Board of GIEAG.

GIEAG’s annual report for 2022 can be found here.

• Newly founded P2G GmbH takes over cross-sectional functions as a shared service center in the future.       
• Moritz Keding becomes managing director of the new GmbH.
• Stronger focus on project development and growth at GIEAG and ATMIRA.

The sister companies GIEAG Immobilien AG, a project developer operating throughout Germany, and ATMIRA Zentrale Dienste GmbH, a project developer specializing in commercial and logistics properties, are centralizing various administrative functions in the newly founded P2G GmbH. The shared services taken over by P2G include, among others, the handling of all activities in the areas of accounting, human resources, financing consulting as well as the management of the vehicle fleet and IT. The transfer of more than ten employees from both companies to P2G already took place on May 1, 2023.

“After initially establishing two independent companies, we have now decided to build a bridge between the two companies with P2G,” says Philipp Pferschy, member of the GIEAG Executive Board. “As a result, both GIEAG and ATMIRA will be able to focus even more on their core competence, project development, in the future and generate further growth in their core business.”

“As the planning and implementation of projects is becoming increasingly demanding against the backdrop of the sustainable transformations of the real estate industry, the establishment of P2G is exactly the right step. In this way, we are also driving further professionalization in the supporting areas and pooling resources and expertise to leverage synergy potential,” says Prof. Christoph Ehrhardt, Chairman of the Supervisory Boards of both companies.

Since October 1, 2022, the managing director of P2G has been Moritz Keding, who was in charge of implementing the process. The graduate in business administration has more than 15 years of experience in the areas of controlling, investment management, strategy and organizational consulting. His responsibilities included Head of Controlling and Investment Management at Pfalzwerke AG and Managing Director of Sperling Holding GmbH and Bauzentrum Schwarz & Sohn. Most recently, Keding was senior project manager at the WeissmanGroup, a leading consulting firm for family businesses. In addition to the exclusive services for GIEAG and ATMIRA, P2G will also offer its services to other external clients in the future.

“Everyone involved in the process can be proud of the successful completion of this forward-looking project. With our trusting and team-oriented work, we as P2G are laying the foundation for GIEAG and ATMIRA to continue to grow in the future,” says Moritz Keding, Managing Director of P2G GmbH, and adds: “Both by merging employees and implementing uniform IT and software solutions, we as P2G are driving forward the consolidation and centralization of numerous service processes and realizing enormous efficiency gains for both companies.”

Important step towards realization of the approx. 16,000-square-meter project:

The nationwide project developer GIEAG Immobilien AG (GIEAG), together with White Arkitekter AB, is redesigning the former textile factory Heinzelmann in Reutlingen into a sustainable, mixed-use area with 87 apartments, retail, gastronomy, studios, office and co-working spaces. Another important step forward in the realization of this project can be reported: The building application for the site, which is part of the IBA’27 network, was submitted on October 31 – after intensive consultations with the city and the Reutlingen municipal council. In addition, the open space planning has now also been completed and presented to the design advisory board with very positive feedback.

“We are delighted that a completely new, lively urban quarter with a wide variety of uses will soon be created on the old Heinzelmann site in Reutlingen,” says Thomas Männel, Managing Director of the project company, adding, “With the submission of the building application, realization is now a big step closer.” As a project developer, GIEAG attaches great importance to the fact that the property and the range of uses offered therein set trends in inner-city neighborhood development: “In Reutlingen, historic preservation, timber construction, the embedding of gastronomy and retail space as well as the integration of an old villa on the adjacent property have been implemented in an exemplary manner,” says Männel. The Heinzelmann site in Reutlingen, which is planned as a sustainable, car-free quarter, comprises around 16,000 square meters of gross floor area, of which around 4,000 square meters are new.

Construction of a sustainable business park planned

GIEAG, a nationwide project developer, has acquired a plot of land with an area of approx. 25,000 square metres in Kümmersbruck in the metropolitan region of Nuremberg. The plot is located in the Grubenäcker development area of the Theuern industrial estate, a district of the municipality of Kümmersbruck. GIEAG is planning the construction of a modern and sustainable business park here.

“We are developing a business park that will conserve natural resources and comply with all aspects of sustainable construction and business”, explains Philipp Pferschy, CEO of GIEAG. The business park will be built using a sustainable construction method. A green roof and a photovoltaic system are also planned. Operation will be independent of fossil fuels. Completion is scheduled for the end of 2024.

The new business park is aimed at medium-sized businesses in the region. It offers flexible floor areas from 1,250 square metres, each equipped with dock levellers and level entrance gates. A total of approx. 12,000 square metres of gross floor space is planned.

GERLINGEN WORK office complex exemplary for modern working environments
Around 90 per cent of the 26,000 square metres of space let

The nationwide project developer GIEAG Immobilien AG (GIEAG) can report a further leasing success for the modern multi-tenant office building GERLINGEN WORK on the outskirts of Stuttgart. The Nuremberg-based company Design Offices is moving into around 2,000 square metres of office space. This means that more than 90 percent of the space has been let. Most recently, the insurance company BNP Paribas Cardif moved into around 3,200 square metres at the beginning of 2022. Other tenants include SAP, Robert Bosch, frechverlag and the catering company Aramark. The office complex has a total lettable area of around 26,000 square metres and was completed by GIEAG in 2020.

“We are very pleased to have gained another attractive tenant for GERLINGEN WORK in Design Offices,” says Philipp Pferschy, GIEAG board member, adding: “As a project developer, we attach great importance to the property and the range of uses offered therein providing added value for our tenants and their employees.” Pferschy continues: “The GERLINGEN WORK is a modern, flexible and high-quality office building in the Stuttgart metropolitan region. It meets all the requirements of modern working environments such as digitalisation and Industry 4.0.” For example, hollow floors on the floors ensure a high degree of flexibility in the digital supply of the workplaces, especially the workspace zones. The GERLINGEN WORK offers sophisticated architecture and spaces equipped to a high standard. Large window elements create light-flooded office and conference rooms with a pleasant working atmosphere.

With over 40 locations in 15 cities across Germany, Design Offices is one of the largest providers of flexible office, coworking and event spaces as well as meeting and conference rooms. Since its founding in 2008, the Nuremberg-based company has been considered a pioneer and driver of new working environments. Design Offices offers its customers motivating space solutions, flexible usage scenarios, prime locations, good accessibility and a high quality of service. The offices are characterised above all by high design standards and full flexibility.

The new office building GERLINGEN WORK is located in Gerlingen, in the immediate vicinity of the Stuttgart city limits and is very well connected to public transport. This is the fourth real estate project for GIEAG Immobilien AG in the greater Stuttgart area.

Financial year 2021 with record net profit of 29.8 million euros (2020: 15.9 million euros)
Peak value in the company’s history: 138.8 million euros in consolidated turnover (2020: 82 million euros)
Dividend distribution of € 4.185 million made

The nationwide project developer GIEAG Immobilien AG (GIEAG) has concluded the 2021 financial year very successfully. At € 138.8 million, consolidated revenue reached a peak in the company’s history (2020: € 82 million). Consolidated net income also recorded a new high of Euro 29.8 million (2021: Euro 15.9 million). A dividend of one euro per share was resolved for the 2021 financial year. A total of 4,185,350 euros will thus be distributed.

“GIEAG was very successful in project developments, letting activities as well as acquisitions and sales in the past year”, explains Philipp Pferschy, member of the management board of GIEAG Immobilien AG. Right at the beginning of the year, 1,500 square metres were let in the Stuttgart office property “MAYOFFICE”. More than 80 percent of the office space in “MAYOFFICE” has thus been let on a long-term basis. In the nearby “GERLINGEN WORK”, 1,200 square metres were let to a renowned company from the fitness sector. The “MAYOFFICE” was also awarded the LEED Gold certificate.

“GIEAG focuses on the realisation of modern, sustainable and high-quality real estate and neighbourhood developments”, says Pferschy. For example, a new project was secured in Oberhaching near Munich. A green building with more than 15,000 square metres of gross floor area is to be constructed there. “The goal here is the maximum conservation of natural resources. This is achieved not only by producing the building with as little CO2 as possible, but also by using photovoltaics and geothermal energy during operation,” explains Pferschy.

In addition to further leasing successes, the decision by the municipality of Ottobrunn to prepare a new development plan for the project at Finsinger Feld is an important milestone for GIEAG. In the course of the project, GIEAG is developing an office and technology campus at the Ottobrunn location. The progressive and sustainable commercial quarter is to comprise up to 190,000 square metres of space.

At the Annual General Meeting last Wednesday, Prof. Christoph Ehrhardt was confirmed as the new Chairman of the Supervisory Board. He takes over the position from Dr. Oscar Kienzle, who retired as planned on 10 February 2022 after ten years of service.

You can find GIEAG’s annual report for 2021 (German) here.