Peach Property Group AG acquires majority in „Am Zirkus“ hotel project
Peach Property Group AG acquires majority in “Am Zirkus” hotel project – Deutsche Immobilien AG remains project partner
Sole responsibility for the entire building including 87 luxury‐ segment residential units passes to Peach Property Group AG
Construction of hotel and 5,100 sq m of office and commercial space begins / excellent start of sales of ‘yoo berlin’ Suites and Townhouses integrated in the overall concept
Berlin/Zurich, 17 September 2010 – Peach Property Group AG, one of the leading European real estate developers in the top‐class residential segment located in Zurich and Cologne, takes over the majority holding (80%) in the “Am Zirkus” hotel project in Berlin from ING Real Estate Development. With a 20% share, Deutsche Immobilien AG continues to be a partner in this project. Within the “Am Zirkus” project, which includes a 311‐room hotel, office and commercial spaces totaling 5,100 sq m, and the “yoo berlin” residential project with 87 units, sole responsibility for the entire freestanding building has passed to Peach Property Group AG.
Currently considered the most outstanding project in the German capital, the development site is set in a historical location directly on the Spree river bank, adjacent to the “Berliner Ensemble” theater and only 50 meters away from the famous Friedrichstrasse. For over 100 years, “Am Zirkus 1” has played a major role in Berlin arts and entertainment. On this site, Max Reinhardt’s “Grosses Schauspielhaus” (big theater) did pioneering work with its extraordinary range of plays. In a later period, the Friedrichstadtpalast was built on the site, in which Marlene Dietrich and other world‐famous artists performed. Peach Property Group AG merges this unique plot of land, which had been unused for decades, and returns to it the glamour of its golden past.
The sale of the top‐class yoo berlin luxury homes located in the same building has taken off to a good start with 25% by volume already placed. Situated in an absolute prime location, a total of 87 Penthouses, Townhouses and Atrium Suites are under construction with completion projected for winter 2012.
The yoo berlin sales office with its yoo inspired by Starck designer showroom had opened its doors in May 2010. The 87 yoo inspired by Starck residential homes range from 65 to 310 sq m and offer over 13,000 sq m of luxury living. Berlin‐based architect Eike Becker designed the free‐standing, ten‐story yoo berlin building as a contemporary interpretation of the architectural history of the site. At the same time, the yoo inspired by Starck team designed the interiors and the common areas.
‘yoo berlin’ and the ‘Am Zirkus’ project share the building envelope that forms part of the design by Eike Becker Architects. Fattal Group, which already operates 24 Leonardo hotels in Germany, will fit out the hotel in a ‘Bohemian style’ and market it as a Leonardo Boutique Hotel. The hotel will comprise 311 rooms (of which 66 are suites) covering a total area of 11,200 sq m. In addition, it will include a 200 sq m conference space. The hotel will share the 60 parking lots offered in the underground parking facility with the future tenants of the offices.
The premium office spaces included in the project total 4,900 sq m and extend over ten stories. Individual office areas range from 150 to 500 sq m. Common features are their prime location with a magnificent view of the Spree river, the Weidendammer Brücke and the skyline of the neighborhood around Friedrichstrasse station. This bella vista situation, which is very uncommon for offices, is created by arranging all office spaces in the southeast wing of the building.
Thomas Wolfensberger, CEO of Peach Property Group, says:
“We firmly believe that our ‘Am Zirkus’ project will be a unique offer on the market. We look forward to continuing our close cooperation with Deutsche Immobilien AG and thank ING Real Estate Development for the outstanding collaboration in the acquisition phase.” Wolfensberger adds: “Following the excellent start of the sale of the ‘yoo berlin’ apartments, we are pleased to also offer, in this unique location, an exceptional place to do business that includes both the hotel and the office units: a solitary business property with an unrivaled view. We are particularly pleased to welcome David Fattal as our partner to invest in the hotel in a spirit of trust and confidence in the future of Berlin as a top‐class destination.”
Download Media Release
English version
German version