Wüest Partner secures valuation contract for Berlin TXL future site
December 18, 2024
Topics
The real estate valuation company Wüest Partner has been awarded the contract to value The Urban Tech Republic project at Berlin TXL. The assignment covers the valuation of all developed and undeveloped land on the site of the former Tegel Airport, “Otto Lilienthal”. In the future, Wüest Partner will also prepare framework appraisals and property-specific valuations. The project was commissioned by Tegel Projekt GmbH, a wholly owned subsidiary of the State of Berlin.
Berlin TXL is one of Germany’s largest urban development projects, spanning over 500 hectares. The site includes a landscaped area, the Urban Tech Republic research and industrial park, and the Schumacher Quartier, a new residential district with over 5,000 planned apartments. The Urban Tech Republic will provide space for 1,000 companies, creating up to 20,000 jobs, as well as a modern campus for around 5,000 students. Meanwhile, the Schumacher Quartier will create urgently needed affordable housing for more than 10,000 residents.
Wüest Partner’s responsibilities for this project are extensive. The contract includes producing annual framework appraisals to ensure a comprehensive valuation of the entire project area. These reports analyze the land use, account for planned construction phases, and determine zonal land values. The results will serve as a foundation for the strategic planning and marketing of the site.
Additionally, Wüest Partner will deliver property-specific appraisals that provide detailed valuations for individual construction and utilization projects. Building on the framework appraisals, these valuations will offer precise figures for the intended use, rental, or allocation under leasehold law.
“Berlin TXL is a landmark project that not only strengthens the city of Berlin but also Germany as a hub for innovative and sustainable urban development,” said Karsten Jungk, Partner at Wüest Partner. “We are delighted to contribute our expertise to the realization of this pioneering project. The valuation of land and real estate projects is a challenging task that requires the utmost precision due to the site’s size, complex project structure, and diverse usage requirements.” Anja Biehr and Thomas Lehmann, members of the project team, added: “The fact that we were selected as part of the Europe-wide tender confirms our expertise in managing such major projects.”
Copyright Picture: Tegel Projekt GmbH / Macina.