The Von der Heyden Group has appointed Knight Frank as lead agent to advise in leasing of Andersia Silver, a new office tower under construction in Poznań.
Andersia Silver, a modern A class office building, will complete the development of Plac Andersa in Poznań, one of the most prestigious locations in the city center. The building’s total leasable area amounts to circa 40,000 sqm over 25 floors. Tenants will also have access to 244 parking spaces in a three-floor underground car park. Construction completion is scheduled for Q2 2023. Andersia Silver will be the tallest office building in Poznań at a height of 117.5m. The Investor plans to obtain LEED GOLD certification, attesting to ecological solutions applied both at the design and construction stages.
“We thank the Von der Heyden Group for placing their trust in Knight Frank. After its completion, Andersia Silver will be a prime office product located in the heart of the commercial center of Poznań. In addition to panoramic views and arguably the best office location in the city, Andersia Silver will offer flexible floor layouts which have turned-out to be essential, in the times of the pandemic,” said Janusz Garstka, Associate Director at Knight Frank’s Landlord Representation.
“We are glad to be working with Knight Frank. We highly value the competencies of their whole team as regards the leasing process and office market knowledge. The Von der Heyden Group always aims to develop high quality office buildings for the most demanding tenants. Andersia Silver will be no exception. We do understand the importance of prime location and a high quality office product for tenants whose aim is to attract and hire the most talented people to compete on the global market,” remarked Piotr Trybusz, Leasing Director at Andersia Silver.
Dmitry Havrylenko, CEO of Ukrainian office Von der Heyden Asset Management Company tells us about his plans for foreign investments in the Ukrainian real estate market
Von der Heyden Group (VDHG)
Von der Heyden Group is an international investment firm with over 30 years of experience in developing and investing in Class A buildings, residential and hotels projects in Germany, Poland, Spain, Portugal and Malta with the total value of more than 600 mln EUR in invested assets. The main pillars of business of the Group are full cycle classical real estate development, investment in existing assets, real estate consulting and IBB Hotel Collection, an international hospitality franchise.
Entering the Ukrainian Market
In 2020, VDHG established a new branch of business. We became one of the very first foreign-owned real estate investment firms to obtain an asset management license in Ukraine over the last 10 years. This is complementary to the Group’s track record of being a first mover in emerging markets. In Poland, VDHG was one of the first foreign real estate developers and investors who believed in the local market. Today, the group is building the highest buildings in Poznań, the last of four phases as developer and co-investor with the City of Poznań after Poznań Financial Center, Andersia Tower and Andersia Business Center, completed in 2001, 2007 and 2012 respectively. Another recent successful investment was the Blue Tower project at Bavaria Towers in Munich (an A class office building with a total area of 24,000 m2), which was sold at a record capitalization rate for this market. Such examples, two of many, is testament to the success that could be repeated in Ukraine.
In the fourth quarter of 2019, VDHG established an Asset Management Company formed with a local team of professionals in Ukraine and received the asset management license. Today we are creating our first closed-end real estate investment fund, which will combine the Groups’ own investments as well as those of professional investors. Our specialization is to unite 2 markets: real estate and asset management.
Closure of the first round of investments is planned for the first half of 2021. The main focus of the group is assets in the Class A office segment. Although many predict the obsoletion of office buildings, data proves that the Kyiv office market is still significantly underdeveloped and has 1.5-2 times the growth potential in terms of offices saturation compared to other CEE capitals, primarily to be driven by the growth in the IT and logistics sector. Our asset management company is also interested in residential real estate projects in advanced stages of development that can be realized with high-powered local players.
Investing in Ukraine
Our interest in the Ukrainian market is underlined by its underestimated potential and opportunities.
Factors such as economic growth in the last 5 years, a small saturation of a quality office and residential real estate, the formation of a stable middle-class due to growth in IT specialists affect the demand for the quality objects in these segments resulting in a higher yield in comparison to other developed counties.
To compare:
Criteria
Ukraine
Poland
Total amount of office options, m2
~ 2 mln (Kyiv)
> 6 mln (Warsaw)
McDonalds
100
440
Hotels IBIS
3
40
Hotels Radisson
6
20
Amount of direct foreign investments in 2019, bln $
~ 6
~ 16
Trends in the world of investments and Von der Heyden’s Liberty Real Estate Opportunity Fund
In the third quarter of 2020 the total amount of global investments was USD 150bln.
This records 50% less than the previous year. Implementations of lockdowns showed no affect in trends in real estate types popularity with 33% of investments being realized in the office sector in 2020 against 35% in 2019.
Our extensive research and findings prove that Real estate continues to be a conservative asset. Our work focuses on Ukraine’s future development, where a favorable scenario will increase the value of local assets. As a result, the potential could reach the level of Warsaw, Prague and Budapest.
The Von der Heyden Group, an international investment firm eminent in almost 20 cities around Europe, has launched a luxury Yacht Charter company based in Malta. For more than the last 30 years, the Group has made its mark in prominent locations through national real estate developments including A-Class commercial, residential buildings as well as the rehabilitation of landmark sites. The Von der Heyden Group has also spearheaded several successful real estate investment programs, including a luxury real estate agency operating in Sardinia, Von der Heyden Real Estate, a 9-hotel hospitality franchise, IBB Hotel Collection and Cugó Gran as well as a 4-establishment restaurant and catering company, Hammett’s Collection.
Von der Heyden Yachting Ltd anchors an exclusive fleet of Ferretti Yachts moored in Malta, Sardinia and Menorca and will specialise in creating bespoke experiences to destinations around the Mediterranean.
With a history and heritage in luxury real estate and hospitality, the Group has over three decades maintained its status and commitment in delivering first-class innovations and exponential growth for shareholders and business partners. Von der Heyden Yachting is a natural offshoot and complementary addition to the Group’s subsidiaries, stemming from a personal passion and a deep appreciation of the sea. Our specialised Yachting company is not only distinguished by its mission to deliver unparalleled luxury experiences, but also through the truly unique and customised journeys for our clients in remote and magical locations around the Mediterranean.
Sven von der Heyden, Founder and Chairman, Von der Heyden Group
Von der Heyden’s Yachting fleet is in Puerto Portals (Mallorca), Poltu Quatu (Sardinia) and the Grand Harbour Marina in Malta where the ultra-luxurious 29 meter Riva Argo yacht is moored. It is also where one of the Group’s luxury hotels is situated (Cugó Gran Macina Grand Harbour) as well as the marina where the Group installed the island’s first seabin in the Capital’s harbour. Bespoke charters are offered around the Balearic Islands, the Costa Smeralda and Sardinia or further afield on board the flagship 29 meter Riva Yacht. The Malta-based luxury Yacht charter company offers 5 types of water sport options on board (depending on yacht type) and a specialised, highly trained crew with decades of worldly yacht charter expertise, combined with an impeccable hospitality experience.
TIMAN Investments Holdings Limited (the “Company”), the Von der Heyden Group’s holding company and the Von der Heyden Group Finance Plc guarantor, presented consolidated and audited annual accounts for the financial year ended 31st December 2020, reaching a revenue of EUR 23,505,636 despite the global COVID-19 pandemic. The Company holds for capital growth and income generation, investments in 37 subsidiaries and associated companies around Europe.
The Group recorded a strong cash position of EUR 27,905,646 as at 31st December 2020, an increase of EUR 21,587,445 for the previous year end. Given the arduous economic conditions caused by the continuing global pandemic, such a result is highly positive, considering the impact and ramifications of COVID-19 on the Groups’ hospitality subsidiary IBB Hotel Collection.
With a significant improvement in the gearing ratio of the Group declining to 48.95% from 65.78% in 2019 and the borrowings of the Group dropping by 9.7% to EUR 84,493,912, inclusive of EUR 40,231,766 finance lease liabilities, the Group managed to exceed the EUR 25 million closing cash position forecasted in the Financial Analysis Summary (FAS) in August 2020. This was achieved through a significant effort of cost control, property investment returns and cash management.
The Group also recorded a positive working capital position, inclusive of cash in hand, of EUR 17,812,553 from a negative position in 2019 of EUR 6,170,757 due to the positive cash flow generated in the year.
The year under review has in turn highlighted an EBITDA increase of 29% to EUR 4,367,701 from EUR 3,387,218 in 2019, an increase of EUR 980,483. The year 2020 also showed an improvement in profitability of the Group, despite the loss before tax of EUR 483,791 managing a reduction of EUR 1,465,678 from last year’s losses, also through a significant effort to avert the forecasted loss before tax of slightly over EUR 5 million as reported in the FAS. Moreover, the Group reports a very successful year in the real estate development segment generating EUR 12,255,267 (2019: EUR 178,090) in revenue resulting in net fair value gains of EUR 3,175,319 (2019: EUR 422,557) in relation to the value of investment properties.
The sale of the fully occupied A Class Blue Tower, forming part of the Bavaria Towers project in Munich, Germany, as well as one of the Group’s luxury boutique hotels Cugó Gran Menorca in Spain has generated excess liquidity during the financial year that both restricted and obligated the halt of the hospitality and tourism industry at large for over 12 months. The subsequent returns, efficient timing when selling properties and the Von der Heyden Group’s diversification in its real estate portfolio has ensured a strong and resilient position as an investment firm active in business in 8 markets across Europe. The Group’s results indicate the stability and favourable returns enjoyed from its complementary subsidiaries in the experiential luxury industry and real estate investment during the year to successfully weather the storm.
Luxury Rental Villa in Porto Cervo (Von der Heyden Real Estate)
The Group’s boutique real estate agency in Sardinia, Von der Heyden Real Estate, operating since last summer, has registered healthy inroads for luxury villa rentals in Costa Smeralda. This exclusive location, attracting niche and luxury vacationists coupled with the property team’s know-how, inspired the off-shoot of its most recent subsidiary, Von der Heyden Yachting, specialising in equally artful experiences and customised journeys around the Mediterranean, specifically the Balearics, Malta and Sardinia. Launched on Easter Sunday, this luxury yachting charter company hosts an exclusive fleet of Italian luxury Ferretti Yachts.
Argo NOI (Von der Heyden Yachting based in Malta, the Balearics and Sardinia)
During the third quarter of 2020, Von der Heyden Development announced the commencement of Andersia Silver, a modern A-class office building, that will complete the development of Anders Square in Poznań, one of the most prestigious locations in the city centre. Andersia Silver will have 40,000 square meters of usable office space spread over 25 floors. Upon completion, in 2023, it will be 117.5 meters high, making it the highest skyscraper in Poznań one of the larger cities in Poland a center of trade, sports, education, technology and tourism. The building will also include 244 parking spaces on 3 underground levels and will obtain an LEED certificate at the GOLD level, which will confirm the ecological solutions used at the design and construction stage.
Chairman of the Von der Heyden Group Sven von der Heyden said:
The unrelenting impact of the world pandemic on travel as a global economic sector has been felt by many over the past 12 months. It is a time that will go down in history for the challenging and emotional decisions that had to be made by the commanders at the helm of thousands of businesses. The Von der Heyden Group, hit like the majority, leveraged its invaluable experience in previous economic downturns and its vigour in successful real estate investments and developments to secure its force against this unprecedented wave.
Our sustainable growth strategy continues to be the driving force of our vision for the next decade, where we expect high returns on the Group’s real estate developments and investment opportunities. The Von der Heyden Group is present from the West in Portugal, the south in Malta and Italy to the East in Poland and Ukraine. Our mission is to continue to thrive in economies that see the significance in restoring, rehabilitating or creating spaces that add value to these communities.
The Group’s CEO Bob Rottinghuis adds: Last year’s successful licensing of our asset management business and the resulting current launch of our first fund dedicated to the Ukrainian and Polish commercial real estate markets will make 2021 another exciting year for the Group. Despite the expected remaining economic headwinds we strive for sustainable growth of our subsidiaries and investments across Europe. At the same time, with the relentless dedication of our great team of people across all our companies and geographies, we keep looking for opportunities to gradually expand our solid capital base.
Von der Heyden Group announces its continued expansion after launching a regulated Securitisation Vehicle in Italy. Founded in 1989 in Germany, the Group has developed an aggregate investment program of over €650m in private equity real estate across different asset classes around Europe. Through this latest initiative the Group continues to expand its asset management activities.
The Von der Heyden Group’s SPV (130/99), regulated by the Bank of Italy, provides the ability to securitise credits acquired on the Italian Asset-Backed Securities market, through the issuance of notes.
The team responsible for the Group’s Italian expansion is led by Antonio Fenech (Executive Director) and Andrea Massa Vannucci (Associate Private Equity). The Group has already secured its first credit block acquisition in Tuscany. The transaction involved one of the largest investment players in Italy.
Andrea Massa Vannucci, Associate Private Equity: “The Italian market represents an important pillar of our growth plan. We also look at it as a new investment proposition to professional investors that can be shared with our partners through a regulated structure. We are now focusing to continue building our portfolio with additional strategic allocations.”
Antonio Fenech, Executive Director: “Italy is developing a quite interesting and attractive credit resolution mechanism that brought into play a unique investment opportunity in acquiring credits backed by undervalued assets. As specialised real estate investors we have the ability to identifying such assets that can be acquired at values that offer interesting returns and diversification options to investors.”
For the Master Servicing the Group has partnered Zenith Service Spa, that has handled in excess of €27bn in volumes of transactions managed. The team has engaged other established players in Italy including NPLs RE Solutions srl and Heussen Studio Legale e Tributario srl for special servicing and legal counsel respectively.
“International investment firm Von der Heyden Group has announced its continued expansion after launching a regulated securitisation vehicle in Italy. Founded in 1989 in Germany, the Group has developed an aggregate investment program of over €650m in private equity real estate across different asset classes around Europe.”…
“Founded in 1989, the Group has developed an aggregate investment program of over €650m in private equity real estate across different asset classes around Europe”…
“Trwa budowa najwyższego biurowca Poznania. Poziom zero, obejmujący konstrukcję części podziemnej budynku, został zakończony z dwumiesięcznym wyprzedzeniem i trzy podziemne kondygnacje są już gotowe.”
Trwa budowa najwyższego biurowca Poznania. Poziom zero obejmujący konstrukcję części podziemnej budynku został zakończony z dwumiesięcznym wyprzedzeniem i trzy podziemne kondygnacje są już gotowe.
Dmitry Havrylenko, CEO of Ukrainian office Von der Heyden Asset Management Company tells us about his plans for foreign investments in the Ukrainian real estate market
