ROY Ceramics SE participates in project development of a multi-family high-rise in Houston/Texas
May 1, 2018, Hungen – ROY Ceramics SE (WKN RYSE88, ISIN DE000RYSE888) has today, through a subsidiary in the USA, entered into a joint venture agreement with a project partner in the USA to participate in the development of a multi-family high-rise building. This project is a further step to expand ROY Ceramics SE’s presence in the USA and to further strengthen its real estate business.
The project includes the construction of a high-rise building with approximately 328 residential units and approximately 1,380 sqm of commercial space. The building is centrally located in Houston, Texas. Construction time to completion is approximately two years and substantial occupancy is expected to be achieved within two years of completion. The total cost of the project is approximately USD 130 million, of which ROY is contributing USD 29 million in equity. The construction costs are secured by a guaranteed maximum price contract. ROY Ceramics SE’s contractors are leading real estate project developers in Houston with a proven track record in developing similar projects and a major U.S. civil engineering and design firm. Implementation of the project is expected to begin immediately.
The plan is to sell this property to an investor upon completion and achievement of a substantial occupancy rate. Leasing of the residential units is expected to start in the fourth quarter of 2019 and substantial occupancy rate is expected to be achieved in the second quarter of 2021.
Contact:
Matthias Herrmann
Managing Director
ROY Ceramics SE
Bockenheimer Landstr. 17/19
60325 Frankfurt am Main
Phone +49 (0)69 710455155
Fax +49 (0)69 710455450