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ADLER Real Estate AG participates in Development Project in the U.S.
19/12/2008 – Corporate News
- 30% Share in Construction of 334 New Apartments in McKinney, Texas
- Fastest-Growing City in the U.S.
Hamburg, 19 December 2008. Again seeing excellent opportunities in the U.S. real estate market, ADLER Real Estate AG, Frankfurt is participating in a highly promising new housing construction project in McKinney, Texas. Located north of Dallas, McKinney is the fastest-growing city in the United States. ADLER is investing together with The Worthing Companies, Atlanta, Georgia, one of the most active real estate project development companies in America's South. Having successfully built around 25,000 high-quality residential units in a total volume of USD 2.2 billion since its foundation more than 20 years ago, Worthing will carry out the project. "As always, success in the real estate market depends on the right location and the right partners," ADLER Management Board member Axel Harloff said. "The set-up in McKinney is perfect."
The location is one of the wealthiest in all of Texas. McKinney has already displayed enormous growth. Its population doubled in the period from 2000 to 2006 alone. Authorities are assuming further strong growth for the city and have already taken comprehensive steps to provide more infrastructure. According to forecasts, migration to Texas will continue to increase. By 2012 around 1.6 million persons are expected to immigrate, representing 1.6% population growth on annual average. "The demand for living space is therefore going to continue to increase as in the past," according to Harloff.
The ADLER management associates its new commitment in the U.S. with highly positive experience from the past. Various housing construction projects were very successfully implemented in Florida and in the vicinity of Dallas, Texas. ADLER will take a 30% share in the project to construct 334 high-quality apartments, itself investing around USD 5 million. The total investment will amount to nearly USD 40 million. The joint project is called "The Heights at Lake Forest." Construction began in November and is slated for completion in June 2010. The investor community behind the housing project is pursuing the goal of building, leasing, operating and then finally selling the apartments in the medium term. A rapid increase in value and very high degree of profitability are anticipated for the investment.
If you have any questions, please contact:
german communications dbk ag
Jörg Bretschneider
Alsterufer 34, 20354 Hamburg
Tel.: 040/46 88 33 0, Fax: 040/47 81 80
presse@german-communications.com
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