DGAP-News: EVAN Group plc.: Construction start for the livinit project in Frankfurt's Lyoner Straße
10.07.2019 (www.4investors.de - in Kooperation mit DGAP - EQS Group):
DGAP-News: EVAN Group plc. / Key word(s): Real Estate/Miscellaneous
EVAN Group plc.: Construction start for the livinit project in Frankfurt's Lyoner Straße
10.07.2019 / 13:22
The issuer is solely responsible for the content of this announcement.
- Building permit granted for the conversion of a former office building
- 395 furnished micro-apartments to be created as part of an innovative living concept for service sector employees
- Construction scheduled for completion in summer 2020
Frankfurt/Main, 10 July 2019: EVANGroup plc ("EVAN") (ISIN DE000A19L426 / WKN A19L42) can begin its conversion of the "Lyoner Straße" property in Frankfurt's Niederrad district into a residential complex containing micro-apartments. Due to the building's listed façade, it has taken an unusually long time for development approval to be granted in order to convert the ten-floor former office building dating from the 1970s. Other procedures that were required for the repurposing of the building also contributed to the delay. Despite the hold-up, EVAN is sticking to its existing timetable and expects the construction project to be completed in summer 2020. The sum invested amounts to more than EUR 55 million.
395 micro-apartments between just under 19 m² and around 32 m² are planned within a total floor area of 20,000 m² and a living space covering approximately 8,820 m². As part of EVAN's livinit concept, the offer is primarily aimed at employers in the hotel and catering industry as well as other service sector segments who can use the facilities to accommodate their employees and thus enhance their attractiveness as employers. The cooperation partner for the project is the Rhine-Main District Association of DEHOGA Hesse. The monthly rent is planned to start at EUR 590 and range upwards depending upon the size of the apartment. Each unit will have its own kitchenette and bathroom and will be fully furnished, even to the extent of including items such as crockery and bed linen.
"The granting of permission for the conversion is a milestone for us because we couldn't simply demolish the old building and erect a new one owing to the preservation order. Our experience with the digital modelling process has helped us with the structural analysis, which enables us to set new standards in project planning before the start of construction. As we already did in a different project, we have made use of the very latest digital Building Information Modelling (BIM) process," explains Dr Michael Nave, Director and CEO of EVANGroup. "The building has already been completely gutted. The next task is to carry out preparatory measures for the extensive renovation before we then convert this extensive building as it stands into attractive living space. It is important to us that the future residents feel comfortable and enjoy living there. That's why we asked them about their specific needs at an early stage and included such considerations in our planning right from the start."
An area of 1,600 m² on the ground floor is earmarked for appropriate supply and service facilities. With this project EVAN is complementing the infrastructure offers available in the district and revitalising the former "Office Town" vicinity, which is increasingly turning into a residential quarter. "We are registering a high demand for our commercial premises," Nave points out. He adds: "We are engaged in intensive negotiations with interesting groups and individuals, which are gradually reaching a conclusion. Here, too, the needs of our target groups have top priority as far as we are concerned."
About EVANGroup plc:
EVANGroup plc is an institutional owner-operator of commercial properties in the top 10 German cities, using their long-standing experience to create value in underserved niche markets, such as micro living for students and professionals, workers' accommodation and specialty commercial properties. EVAN is following in the footsteps of UNIMO Real Estate Holding AG, in which EVAN's owners have completed numerous transactions over the past two decades.
Using a best-in-class approach in corporate structure and governance, EVAN focuses on developing and managing real estate projects specifically created for institutional investors. One example is IMOTEX in Düsseldorf (www.imotex.de), the largest and best-known Pronto Moda Center in Europe, with over 55,000 square metres of rental space.
EVANGroup plc is building its current and future portfolio of commercial and residential real estate in Germany on a three-pillar strategy: livinit (development and management of commercially used residential properties); shopinit (development and management of retail niche formats); and sleepinit (development and specialised operation of accommodation for construction or contract workers).
Contact for further information:
Dr. Charlotte Brigitte Looß
NewMark Finanzkommunikation GmbH
D-60594 Frankfurt am Main
Tel.: +49 (0) 69 94 41 80 63
Fax: +49 (0) 69 94 41 80 19
Important Information / Disclaimer:
This publication shall not constitute an offer to sell or a solicitation of an offer to buy or subscribe of any securities of EVANGroup Plc in any jurisdiction. Potential users of this information are requested to inform themselves about and to observe any such restrictions.
This publication and the information contained therein are not directed at or to be accessed by persons who are residents of the United States, who are physically present in the United States, who are otherwise "U.S. persons" as defined in Section 902 of Regulation S under the United States Securities Act of 1933, as amended (the "Securities Act") or who are located in Canada, Australia or Japan or any jurisdictions in which the distribution of this publication or release of such information would be unlawful.
Securities of EVANGroup plc cannot be offered or sold in the United States without registration under the Securities Act or pursuant to an exemption from such registration. EVANGroup plc has not registered, and does not intend to register, any of its securities under the Securities Act or to conduct a public offering of securities in the United States.
This publication shall not be regarded as an investment advice or recommendation within the meaning of German Securities Prospectus Act or Directive 2003/71 /EC of the European Parliament and may not be used for an offering requiring such prospectus. EVAN Group Plc will not be responsible for the content of this document in relation to any offering which requires such a prospectus.
This publication contains 'forward-looking statements'. Forward-looking statements are all statements, which do not describe facts of the past, but containing the words "believe", "estimate", "expect", "anticipate", "assume", "plan", "intend", "could", and words of similar meaning. These forward-looking statements are subject to inherent risks and uncertainties since they relate to future events and are based on current assumptions and estimates of EVANGroup plc, which might not occur at all or occur not as assumed. They therefore do not constitute a guarantee for the occurrence of future results or performances of EVANGroup plc The actual financial position and the actual results of EVANGroup plc, as well as the overall economic development and the regulatory environment may differ materially from the expectations, which are assumed explicitly or implicitly in the forward-looking statements and do not comply to them. Therefore, investors are warned to base their investment decisions with respect to EVANGroup plc on the forward-looking statements mentioned in this publication.
10.07.2019 Dissemination of a Corporate News, transmitted by DGAP - a service of EQS Group AG.The issuer is solely responsible for the content of this announcement.The DGAP Distribution Services include Regulatory Announcements, Financial/Corporate News and Press Releases. Archive at www.dgap.de
EVAN Group plc.
St. Christopher Street 168
VLT 1467 Valletta
EQS News ID:
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