Connect with us

Current

Deutsche Finance and CELLS Group buy Berlin hotel for €116m (DE)

Deutsche Finance International, acting in partnership with CELLS Group, has acquired the 32,000m² Sheraton Berlin Grand Hotel Esplanade from Archer Hotel Capital and Event Hotels. DFI’s pan-European value add fund is the majority shareholder in the transaction.

 

DFI believes that the acquisition presents an opportunity to unlock embedded value through a series of asset management initiatives that fully leverage the hotel’s prime location, utilising DFI’s expertise in operational and customer-centric real estate coupled with the development skills and local expertise of CELLS Group. Current plans include a programme of works to improve and reposition the property, creating a prime new mixed-use destination comprising offices and new food and beverage outlets, alongside an upgraded hotel.  A key focus of the project will be to improve the asset’s ESG credentials, targeting the highest sustainability standards.

 

The 394-key five-star hotel is situated in a highly attractive location near Großer Tiergarten in Berlin-Mitte, close to the Embassy Quarter and opposite the Bauhaus Archive. The district is home to many large international and domestic companies, as well as important political institutions and a significant number of restaurants, bars, shops and other amenities. The hotel also benefits from strong public transport links and is located in close proximity to a number of Berlin’s main tourist attractions including the famous Kurfurstendamm shopping avenue and the Tiergarten park.

 

Financing for the acquisition is provided by Berliner Sparkasse.

 

Daniel Filser, Head of German Investments at DFI, commented: “Berlin is one of Europe’s most exciting and fastest-growing cities. We believe that this transaction presents us with a strong opportunity to invest in repositioning the property to unlock embedded value by creating a first-class mixed-use destination that incorporates offices, restaurants and bars alongside an upgraded hotel.  As with all our regeneration projects, we will place a major emphasis on achieving strong sustainability credentials, including environmental and place-making benefits. Furthermore, we expect the property to benefit from both the post-pandemic recovery and the city’s continued emergence as an international business hub and one of Europe’s most liquid real estate markets.”

 

Dirk Ruppert, Partner and Chief Investment Officer at CELLS Group, commented: “We are very happy to acquire another property together with DFI in Germany. Located in the very heart of Berlin, this asset presents a number of exciting opportunities to enhance its offering and maximise its potential, while ensuring that hospitality continues to play a major role given the popularity of this well-located hotel. Alongside DFI, we will look to appoint a world-class architect to assess our options while, in the meantime, continuing hotel operations based on the current multi-year lease.”

 

Dominic Seyrling, Director Investments at Archer Hotel Capital, added: “The sale of the hotel represents a rare win-win situation for all parties involved. It was a pleasure working with DFI and CELLS Group throughout this transaction. We believe that they are the right party to bring a new life to this historically important property and we are looking forward to seeing the buyer’s plan come to fruition.”

Source link

Current

Modest four-bed 1950s house in one of the last undeveloped waterfront plots in millionaire’s playground Sandbanks goes on the market for £4m

A modest 1950s house is up for sale for a whopping £4million – because it is one of the last undeveloped waterfront plots in the exclusive enclave of Sandbanks.

The Breakers is a relatively unremarkable two-storey home from the front but it backs directly onto the award-winning Sandbanks Beach in Poole, Dorset.

The property has been used as a holiday home by the same family for more than 70 years but they have now decided to sell up.

The new owner will most likely demolish it so they have a blank canvas to create an ultra-modern mansion in keeping with most of the other properties on the sought-after peninsula.

Experts say a 5,000sq ft detached mansion could be built on the plot which would be worth £7.5million when complete.

The Breakers is a relatively unremarkable two-storey home from the front but it backs directly onto the award-winning Sandbanks Beach in Poole, Dorset

The Breakers is a relatively unremarkable two-storey home from the front but it backs directly onto the award-winning Sandbanks Beach in Poole, Dorset 

Experts say a 5,000sq ft detached mansion could be built on the plot which would be worth £7.5million when complete

Experts say a 5,000sq ft detached mansion could be built on the plot which would be worth £7.5million when complete 

To the back of the property is  a stunning panoramic view of Poole Bay. It even has private direct access to the sandy beach from a gate at the bottom of the garden

In 2000, the area was named the fourth most expensive place to buy residential property in the world, behind Tokyo, Hong Kong and London

In 2000, the area was named the fourth most expensive place to buy residential property in the world, behind Tokyo, Hong Kong and London

The Breakers has 1,295 sq ft over two floors with a dining room, lounge and kitchen downstairs and four bedrooms, although one is a box room, and a family bathroom

The Breakers has 1,295 sq ft over two floors with a dining room, lounge and kitchen downstairs and four bedrooms, although one is a box room, and a family bathroom

An image of the sitting room inside the modest 1950 property

An image of the sitting room inside the modest 1950 property

The property is on Banks Road and sits in a long plot of land with trees shielding it from the road.

But to the back it has stunning panoramic views of Poole Bay. It even has private direct access to the sandy beach from a gate at the bottom of the garden.

Most of the waterside plots on the millionaire’s row have been redeveloped over the past 20 years making this sale a rare opportunity.

Sandbanks has been one of the most desirable places to live in the UK for more than 20 years and has attracted celebrities like Harry and Sandra Redknapp, TV football pundit Graeme Souness and interior designer Celia Sawyer.

The Breakers has 1,295 sq ft over two floors with a dining room, lounge and kitchen downstairs and four bedrooms, although one is a box room, and a family bathroom.

Robert Dunford, from estate agents Tailor Made, said: ‘There are so few plots left that you can literally step out directly onto the sandy beaches of Sandbanks.

‘The concealed location, set back form the road, offers owners privacy, whilst enjoying the beachfront location to the rear. The land is ultimately what someone is buying rather than the dated house that is located there.’

An old photograph of the house

An image of the property now

Then and now: The home was originally built in 1950 and has been used as a holiday home by the same family for more than 70 years but they have now decided to sell up

Another old image showing the property from a distance

Another old image showing the property from a distance

Another view of the property in present day that backs directly onto the award-winning Sandbanks Beach in Poole, Dorset

Another view of the property in present day that backs directly onto the award-winning Sandbanks Beach in Poole, Dorset

An image of one of the four bedrooms in the two-storey home

An image of one of the four bedrooms in the two-storey home 

Another image of one of the four bedrooms in the the £4m valued property

Another image of one of the four bedrooms in the the £4m valued property

The Dorset property has access to the beach with stunning views

The Dorset property has access to the beach with stunning views 

An image showing the kitchen of the 1950's modest home

An image showing the kitchen of the 1950’s modest home

In 2000, the area was named the fourth most expensive place to buy residential property in the world, behind Tokyo, Hong Kong and London.

And that doesn’t seem to have slowed down in recent years. In March a 117-year-old waterfront chalet bungalow set a new record for the peninsula when it sold for £13.5million.

Dunford added: ‘The current home is simply not fit for purpose for modern day living, so I full expect to see an architectural masterpiece in its place, in the years ahead.

‘We are in such a fortunate position as agents to be able to offer for sale this detached home and experience the journey the buyer takes in making it their dream home.

‘We have already received offers, ahead of the best bids by date set, and we therefore expect this to be sold imminently.’

Tailor Made are accepting best bids by Friday.

Source link

Continue Reading

Culture

The Benefits Screenwriters Will Enjoy After The Strike Include Juicy Bonuses, Better Salaries & Limits On AI

The Benefits Screenwriters Will Enjoy After The Strike Include Juicy Bonuses, Better Salaries and Limits On AI
Actors picketing outside Paramount studio.

From the first minute of this Wednesday, the screenwriters’ strike will become part of Hollywood history. The leaders of the screenwriters’ union, the Writers Guild of America (WGA), have ratified the agreement reached with the studios on Sunday. On Tuesday afternoon, WGA leaders endorsed the final text of the contract, putting an end to the 148 days in which the scriptwriters turned off their computers, and brought the entertainment industry to a halt.

The agreement has an estimated value of $233 million a year, a much higher figure than the $83 million that executives put on the table in the first round of negotiations. Hollywood, however, is still a couple of weeks away from returning to normal. Actors are still on strike.

The 11,500 members of the WGA will vote between October 2 and 9 on the collective contract that is on the table. The WGA’s negotiating committee made it clear it was pleased with the deal struck on Sunday, describing it as “exceptional.” Following the tentative agreement, the leaders of the organization began to explain the benefits contained in the new 94-page text, which will be in force for three years.

The deal will 5% increase writers’ basic pay in the first year of the contract’s term, 4% in the second year and 3.5% in the third. It also includes bonuses for hit shows online, and restricts the use of artificial intelligence. Now that WGA leaders have voted to recommend the tentative agreement, writers will be able to return to work, starting Wednesday.

Talk show writers are expected to be the first to return, as they were the first to walk off the job when the strike was called. These shows are set to go back on air in the first days of October.

As the scriptwriters requested, the new collective contract will offer protections against the emergence of AI in the industry. Under the deal, the tool cannot be used to write a script or rewrite a new version of one, not can it be credited as a writer instead of a human. Studios will not be able to force a screenwriter to use an AI program, such as ChatGPT, to assist with a script. The WGA will have the final say, on behalf of its members, on whether or not to allow creative materials to be used to train or develop artificial intelligence software.

The studios also agreed to a new model for residuals, the payment that is given to members of a production when a program is broadcast in a new market or platform. Under the new system, the bigger the viewership, the more a screenwriter will be paid.

This was one of the points that had stalled negotiations for weeks, as studios were adamant about not revealing audience numbers. In the new text, however, the studios will share with the union, through a confidentiality agreement, the total number of hours a title was streamed both domestically and internationally.

The new contract promises to compensate, from January 1, 2021, the screenwriters for a high-budget title that is considered a success. This is defined as any title that is viewed by 20% of domestic subscribers to a streaming service, such as Prime or Netflix, in the first 90 days of release.

Screenwriters will receive residual bonuses for series and films that meet this threshold. The bonus will be calculated with a formula that takes into account a production’s budget, the length of the series or film and the number of views. This means, for example, that writers of a widely watched TV series will pocket about $9,000 for a half-hour episode and $14,600 for an hour-long episode. For a feature film that has cost more than $30 million to produce, screenwriters can expect a bonus of $40,500.

Under the new contract, studios must also hire a minimum number of writers to develop treatments for a TV season. At least three writers will be needed for a six-episode show, while six is the minimum for a 13-episode show. Three of these writers may have the position of writer and producer.

The wins achieved by the WGA have raised the hopes of actors on strike. Currently, no negotiations are being held between the actors union SAG-AFTRA and the Alliance of Motion Picture and Television Producers (AMPTP), which represents Paramount, Sony, Universal, Walt Disney, Warner Bros., the major TV networks and streaming companies such as Netflix and Apple TV, among others.

Actors continue to picket outside Hollywood studios. The WGA has not called any demonstrations since Sunday, but the group’s leadership is allowing writers to show solidarity with their colleagues on the picket line.

On Tuesday, the creator of the TV show Mad Men, writer Matthew Weiner, accompanied his friend, actor Noah Wyle, at one of the protests. “We would never have had the leverage we had if SAG had not gone out,” Weiner told AP. “They were very brave to do it.”

Meanwhile, the industry is coming under greater pressure. Striking actors voted on Monday to expand their walkout to include the lucrative video game market, which recorded nearly $35 billion in profits this year.

The threat promises to extend the wave of strikes that the United States has been experiencing. The video game companies under fire are Activision, Electronic Arts, Epic Games, Take 2, as well as the corresponding divisions of Disney and Warner Bros.

“It’s time for the video game companies to stop playing games and get serious about reaching an agreement on this contract” SAG-AFTRA President Fran Drescher said in a statement. The studios must sit down at the negotiating table if Hollywood wants to see the light at the end of the tunnel.


Continue Reading

Culture

This Friday Is Going To Be The Busiest Day Of This Year For Moving House

Myra Butterworth paid more to move home on a Friday

Myra Butterworth paid more to move home on a Friday

Back in 2006, I was selling my third property and buying my fourth.

I knew the golden rule of not moving on a Friday.

Not only it is more expensive as it is such a popular day to move house and removal men are in high demand, but if anything goes wrong, you have less time to sort things out.

If things go wrong, you have to patiently wait for the weekend to pass and solicitors to return to their office on the Monday.

However, I still ended up trying to move on a Friday in December.

As well as starting a new job that week, I needed the weekend to settle in and it was December. Surely in the depths of winter, just before Christmas, fewer people would be moving and I could get away with moving on a Friday.

So I agreed to the long chain moving on that Friday, in the hope of getting the deal done.

However, what I forgot to factor in was Christmas parties, something my seller’s solicitor conveniently didn’t mention.

Indeed, that very morning on moving day, our solicitors and estate agents were all talking to one another, suggesting everything was on track to complete contracts and move house. My large removal van turned up to my home and the removal men started loading it up.

It was during this process, around lunchtime, that things started to go extremely quiet. I soon learnt that my vendor’s solicitor had left the office for the afternoon. Apparently, to go to his office Christmas party, I was told.

It meant that he could not confirm whether he had received my money, which was being transferred to the vendor.

At this point my vendor’s estate agent started negotiating with me so I could at least unload my removal van at what was going to be my new home.

They audaciously offered a one-hour slot to unload as much as I could, to store my items in my vendor’s property over the weekend.

This offer would cost me something to the tune of £1,500 (remember this was in 2006, which taking into account inflation is more like £2,500 today).

It also meant I had to deal with my buyer’s removal men who were just turning up to my property.

A deal was done and contracts were completed on the Monday. I hope my buyer’s solicitor didn’t have too much of a hangover during the weekend.


Continue Reading

Trending

Subscribe To Our Newsletter

Join our mailing list to receive the latest news and updates 
directly on your inbox.

You have Successfully Subscribed!