An eventful 2020 has come to an end. We are looking forward to enter an exciting and challenging but also thrive and prosper year 2021. With a New Year’s greeting, we would like to inform about the current project portfolio status and list the most relevant key facts and events at ZAR Real Estate Holding.
The portfolio of ZAR Real Estate has – again, grown significantly in 2020 up to a current Gross Development Volume (GDV) of ca. 5.6 billion euros estimation and a gross floor area of over 1.2 million square meters. Last year, we were able to generate a strong project pipeline and acquire numerous new development projects, such as “Green Living” in Berlin and “The Theo” in Düsseldorf. Additional value has been generated thanks to positive preliminary building permits already been granted among some of the ZAR projects. Two of our projects in Berlin “Lakeside” and “One Hundred” were successfully exited in 2020 thanks to successful building law optimizations.
With the “CBS” project in Berlin Prenzlauer-Berg, ZAR has reached a key milestone along the real estate development value chain. “CBS” will be the first ZAR Real Estate project entering the building phase, but many more will hopefully follow up soon. .All spaces of the planned 11,000 square meters gross floor area were successfully fully let for rent. After the signing of a long-term lease agreement with a hotel chain in 2019, we were able to sign a lease agreement also with a nationwide supermarket-chain for the remaining gross floor area on a long-term basis.
The ZAR Real Estate family expanded its team in all business areas from transaction towards to business development. In addition to the headquarter office in Munich, ZAR opened offices in Berlin and Düsseldorf and strengthened its presence in both cities.
As for 2021, the ZAR Real Estate Holding team continues to grow steadily. Daniel Argyrakis started at ZAR Real Estate as the new CFO since January 1st 2021. We are looking forward to working together with Mr. Argyrakis. As a former auditor, Mr. Argyrakis has many years of experience in supporting property managers, project developers, housing and hotel companies. Previously, he worked for two of the Big-Four consulting companies, where he was responsible for the reorganization and implementation of internal processes for real estate companies, in addition to auditing financial statements.
We wish you a successful and above all healthy year 2021!