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OperaOne AG: "Westend-Kettenhofweg" project soldFrankfurt am Main, )
- Return of over 25% on total project volume
- Sales price of almost EUR 5,000 per m²
- Acquisition, project development and sale in less than 12 months
OperaOne AG, a project developer for high-quality residential real estate in Frankfurt am Main, has completed its "Westend-Kettenhofweg" project, which was not acquired until July 2011, and sold it in its entirety to a private investor before the end of 2011. The margin on the entire product volume stood at over 25%, significantly ahead of OperaOne's 16% targeted project return. The sales price is equivalent to almost EUR 5,000 per square metre.
The architecturally timeless, five-storey property comprising only five residential units is situated in one of Frankfurt's top locations, very close to a further project of the company, the "Westend- Suites". The building was restored to a high quality, while also taking energy efficiency aspects into account. The planned date for the transfer of rights and obligations is in the first quarter of 2012, so that the sale does not become relevant in terms of earnings until the 2012 financial year. Ralph Jerey, CEO of OperaOne AG, is very satisfied with the project's progress, and commented as follows: "We would like to thank the entire project team, which kept to a very tight timeframe, and has worked professionally and efficiently. This provides a further example of how specially sustainable project development can be operated on a very profitable basis. Frankfurt, in particular, continues to offer a very good market environment for this purpose, with good price levels and high demand."
Ralph Jerey went on to provide a confident outlook for the 2012 financial year: "Our 'Westend Suites' project is running to its planning schedule. The same is true for our project in Sachsenhausen, where we are in advanced sales negotiations, and are also optimistic that we will be able to sell this project quickly and profitably. Moreover, we are prospectively seeking further new projects in the Frankfurt city area, and in some cases we are already in specific negotiations. Our aim is to bring the year 2012 to a positive conclusion."
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