Fundus group

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Fundus Group logo

The Fundus Group , founded by August Jagdfeld , was one of the largest real estate companies in Germany. The company's headquarters were in Düren and Disternich . The managing directors were Anno August Jagdfeld and Helmut Jagdfeld (* 1957; † December 6, 2019). The Fundus Group was transferred to the Deutsche Immobilien Group in 2015 , combined with a transfer of ownership to Benedikt Jagdfeld , son of Anno August Jagdfeld.

Projects

Closed real estate funds are launched with Fundus Fonds-Verwaltungs GmbH . These mostly include upscale properties (so-called luxury properties), such as B.

Rathaus-Center Pankow

The group also includes residential complexes and office / commercial buildings throughout Germany, such as B.

  • Rathauscenter Pankow (Berlin shopping center)
  • Spreebogen Plaza (office property Berlin)
  • Plaza Frankfurter Allee, Berlin (Fundus Fund 28)
  • Gutenberg Gallery, Leipzig (Fundus Fund 29)
  • Die Pyramid (high-rise) , Berlin, sold 2006
The pyramid

Projects in development:

  • Kunsthaus Tacheles in Berlin, acquired in 1998, planned: Quartier am Johannishof based on a design by Andrés Duany , approved in 2003, so far no investors for the estimated 400 million euro project
  • the Wustrow peninsula near Rerik in Mecklenburg-Western Pomerania, acquired in 1998

Business development of individual funds and public perception

There are more frequent media reports about funds from the Fundus Group, with the focus on the Hotel Adlon Kempinski and Grand Hotel Heiligendamm:

Hotel Deutscher Kaiser, Munich (Fundus Fund 12)

With the exception of three years, the fund paid distributions to its shareholders, which, however, fell significantly short of what was stated in the prospectus. 97 percent of the voting rights are represented by Anno August Jagdfelds Treuhandgesellschaft Jagdfeld & Partner Steuerberatungs-GmbH (based on the voting instructions of the trustors). At the end of November 2010, the fund reported the sale of the property for EUR 38.5 million. The fund can thus distribute a further 130 to 135 percent of the limited partnership capital over the 30 percent already made (other sources name 69 percent) in the course of its liquidation. Calculated over a 26-year term, this corresponds to an annual interest rate of around 2.31 percent (or just under 4 percent) with a full return of capital.

Plaza Frankfurter Allee, Berlin (Fundus Fund 28)

In 2002 the shareholders of Fundus Fonds 28 should decide to pay 4.8 million euros to Bredero Deutschland GmbH, which belongs to the group of Anno August Jagdfeld. The background to this was a rent guarantee in the fund prospectus, which only applies to losses in the event of full occupancy, but not in the event of vacancy. In the years 1996 to 1999, Bredero, entrusted with the marketing of the property, paid around 14.7 million euros to the fund. Around a third was reclaimed in 2002 on the grounds that the rent guarantee only applied to losses in the event of full occupancy, but not in the case of vacancies. Critics therefore expressed the opinion that it would have been cheaper for Bredero not to rent the property than to achieve income below the promises in the prospectus. The investors in Fundus Fonds 29 (Gutenberg-Galerie, Leipzig) should also repay Bredero.

Gutenberg Gallery, Leipzig (Fundus Fund 29)

In 1994, around 1,300 investors subscribed for shares worth 56 million euros. Borrowed funds were also added, resulting in a total investment of 78 million euros. In 2002 Bredero Deutschland GmbH reclaimed rent guarantees that had been paid ( see Fundus Fund 28 ). In 2006, when the financing bank asked for the loan to be repaid in the amount of 25 million euros, the fund's balance sheet showed around 22 million euros. A market value appraisal from December 15, 2006 assessed the property with a value of 17.5 million euros. At the beginning of 2009, the Gutenberg Gallery was auctioned for 12.25 million euros and acquired by one of the creditor banks , Westdeutsche Landesbank AG .

Hotel Adlon Kempinski (Fundus Fund 31)

Hotel Adlon in Berlin (2004)

Around 5000 investors own shares in the fund. When voting at the shareholders' meeting, only about 12 percent vote individually, 88 percent are controlled by Anno August Jagdfeld via his trust company Jagdfeld & Partner Steuerberatungs-GmbH on the basis of the trust agreement § 2 according to "dutiful interests". The hotel is operated by the Kempinski Group, the contract runs until 2016. The payment of twelve million euros in rent per year as well as half of the income generated above this amount is agreed. This additional income has not been generated since 1999. Since about 2008, operates Adlon Holding with the manager Julius hunting field, son of Anno August hunt field, in the southern part of the building four restaurants (the spa area Adlon Day- Spa is now operated by the Kempinski Hotel itself). The Jagdfeld Group owns these businesses. Due to the losses that this holding company is writing, it should be able to pay the full annual rent in 2012 at the earliest; no rent has been paid so far. A debtor warrant is the end of 2009 at 3.57 million euros. Anno August Jagdfeld was able to approve the further rent waiver in favor of Adlon Holding with his majority vote . On behalf of around 120 investors, three legal proceedings are currently pending against the management of the fund at the Aachen Regional Court . The shareholders of the fund did not receive any distribution in 2009. Likewise, no distribution will be paid in 2010 either. The regional court sentenced the fund management team to disclose the names of the approximately 5,000 investors to other investors in order to be able to organize a joint representation of interests. The fund management announced the revision of the judgment. The Federal Court of Justice ruled in another matter that shareholder data must be released at the request of other shareholders, and the approximately 4,400 shareholders of Fundus-Fonds 31 were subsequently disclosed to other shareholders. A community of interests made up of shareholders had the voting and reappointment of the management put on the agenda for the shareholders' meeting on August 26, 2011, but August Jagdfeld was able to collect 74% of the votes, so that the voting failed. In September 2012, the Cologne public prosecutor's office for economic crimes brought charges against Anno August Jagdfeld as managing director of the fund on several points before the Aachen regional court, including breach of trust. However, the Aachen Regional Court did not admit the indictment on all counts by order of December 17, 2013 (86 KLs-115 Js 601/09 -2/12). The complaint lodged against this by the Cologne Public Prosecutor's Office was rejected by order of the Cologne Higher Regional Court on June 26, 2014 (2 Ws 189/14). In November 2012 Jagdfeld was able to prevent his dismissal as fund manager and win 70% of the votes for his discharge. At the same time, around 4,400 investors voted with 95% for an early extension of the lease contract with the Kempinski hotel chain until 2032. In addition, there is a legal dispute over the rights to the name “Adlon”.

Grand Hotel Heiligendamm (Fundus Fund 34)

Kurhaus and Mecklenburg House in the ensemble in Heiligendamm (2007)

Around 2000 investors own shares in the fund, which was launched in 1999. In spring 2003 the hotel was opened by the operator Kempinski . In February 2009, Kempinski terminated the operating contract after disputes with the owner. In these years , a balanced result could only be achieved in 2007, the year of the G8 summit . In the remaining years the fund made losses. The financing HypoVereinsbank has approved a later repayment of a tranche of the loan of 15 million euros. So far Fundus has not been able to secure any other financing. Now 24 rooms in the orangery with an average of 60 m² are to be sold to interested regular customers in order to gain new capital. A shareholders' meeting will be held in March 2011, which, on the basis of an expert report by Jones Lang LaSalle Hotels and a restructuring recommendation from PricewaterhouseCoopers, will decide to reduce the company's total capital from EUR 127 million to EUR 53.6 million. At the same time, fresh capital of EUR 40.9 million is to be subscribed. As a result of the capital cut , the new capital will hold around 76.4% of the company shares in the future, the old shareholders will hold the remaining 23.6%. For the first time since opening in 2003, a significantly positive hotel operating result of plus 400,000 euros was achieved in 2010; this makes 2010 the most successful year. In March 2011, the shareholders' meeting decided to reduce the share capital in accordance with the revised restructuring concept from EUR 127 million to EUR 12.7 million and to raise 32.6 million new capital by the end of 2011. The raising of capital did not succeed until December 13, 2011, so that the shareholders' meeting agreed to extend the period in view of the impending insolvency of the fund company. The three creditor banks, Kreissparkasse Heinsberg , HypoVereinsbank and OstseeSparkasse Rostock, defer the debts until June 30, 2012, but are already assuming that they will have to partially write off the receivables. In both 2009 and 2010, the fund company was able to generate a profit of around 800,000 euros. However, the occupancy rate was recently just 44 percent in summer and 12 percent in winter. The managing director of the Jagdfeld Group, Anno August Jagdfeld, named walkers and “other hobby paparazzi” as “image problems”. Even the Nazi era still casts shadows on the hotel complex. “The creeping Aryanization to which the Rosenberg Bank was subjected in the Third Reich may lead to unpleasant demands. They would be another form of public that would hardly be desired. ”- according to Welt online. On February 27, 2012, both Grand Hotel Heiligendamm GmbH & Co KG (Fundus Fonds 34) and Grand Hotel Heiligendamm GmbH filed for bankruptcy at the Aachen District Court . While the hotel is currently running normally, new investors are being sought for the hotel, which had generated a surplus in the past two years. Six investors are said to have already expressed their interest. In March 2013 Jagdfeld assumes that the investments of the fund investors in Fundus Fonds 34 will be completely lost after the bankruptcy. Investors would have received around 50% of their investments as a tax refund from the tax office. The remainder of the investment as well as interest or distributions cannot be paid. However, this is contradicted by the insolvency administrator, who expects a positive sales development. On May 29, 2013 it was announced that the insolvent Grand Hotel Heiligendamm had been sold to the Berlin companies Palladio AG and De & De Holding for a purchase price of 30 million euros. The buyers apparently wanted to continue operating the hotel as a five-star hotel . According to a press report, the purchase price is insufficient to service the bank debt (32.5 million euros in 2012). Investors would end up with nothing. After the Grand Hotel went bankrupt in 2012, it was bought in July 2013 by tax advisor and auditor Paul Morzynski , who wants to continue operating the hotel.

The pyramid, Berlin

The pyramid in Berlin-Marzahn seen from the north.

The pyramid was built in 1994/95. Rental started slowly. In 2004 the public prosecutor's office in Cologne started investigations into suspected fraud because the rentable area should have been significantly smaller than indicated in the sales prospectus. Instead of the 43,800 m² specified there, a maximum of 38,200 m² (that is 5600 m² less) can be rented. Because the forecast income could not have been achieved on this basis, lawyers of some investors have filed charges. In 2006 the property was sold.

Other real estate projects

In addition to the aforementioned funds, the Fundus Group and Jagdfeld family also operate other real estate projects.

Quartier 206, Friedrichstrasse 71, Berlin

Quartier 206

The luxury shopping center Quartier 206 on Friedrichstrasse. 71 in Berlin-Mitte is another real estate project by the Jagdfeld Group. The owner is Friedrichstadt-Passagen Quartier 206 Vermögensverwaltung GmbH & Co. KG (until 2010 known under the company name Jagdfeld Friedrichstadt-Passagen Quartier 206 Vermögensverwaltung GmbH & Co. KG). Among other things, Nikolaus Jagdfeld and Anna Maria Jagdfeld operate expensive fashion boutiques such as the Quartier 206 department store, Q206 Cabinet, an amj design art gallery, a coffee restaurant in the basement and a private clinic for aesthetic surgery MEOCLINIC on the 6th floor. Quartier 206 has been under compulsory administration since August 2011. Since the spring of 2010, numerous tenants in Quartier 206 are no longer supposed to pay rent and are now to be sued for eviction.

Well-known people with management responsibility in the Fundus Group

  • Wolfgang Nagel , formerly the Berlin Senator for Construction, from 1996 project developer in the position of commercial director at Bredero Projektgruppe Berlin, a company of the Fundus Group.
  • Peter Clever , previously Ministerial Director , since 2003 member of the three-person executive board of the Confederation of German Employers' Associations (BDA) and from 2004 on the broadcasting and administrative board of Deutsche Welle , was in charge of corporate communications for the Fundus Group from 1998 to 2003
  • Johannes Beermann , later secretary of the Saxon State Chancellery, was in charge of corporate communications for the Fundus Group until April 2009
  • Tim Raue , 2008–2010 Culinary Director at the Adlon-Palais Berlin.

literature

Web links

Individual evidence

  1. ↑ Helmut Jagdfeld passed away , in: Tagesspiegel online from December 6, 2019, accessed on December 7, 2019
  2. ^ Nina Apin: Kunsthaus before the end - Tacheles on the Oranienburger . In: taz , January 17, 2008, accessed February 4, 2010
  3. ↑ Varinia Bernau: Broken Promises , in: Süddeutsche Zeitung online from August 9, 2010, accessed on September 1, 2010
  4. ↑ a b Fundus investor with good profit - Hotel Deutscher Kaiser sold ( Memento of the original from December 31, 2010 in the Internet Archive ) Info: The archive link was automatically inserted and not yet checked. Please check the original and archive link according to the instructions and then remove this notice. , Press release dated November 26, 2010, accessed December 21, 2010 @1@ 2Template: Webachiv / IABot / www.rohmert-medien.de
  5. ^ The Platow Brief Immobilien No. 139 of December 1, 2010, p. 6.
  6. ^ Controversy over rental guarantees for funds , in: Focus Magazin No. 17 of April 22, 2002, accessed on September 1, 2010
  7. ^ Thieler Rechtsanwaltsgesellschaft mbH: Gutenberg-Galerie: Fundus real estate fund No. 29 is facing difficult times , in: OpenPR.de from October 12, 2006, accessed on September 1, 2010
  8. ↑ fairvesta leaves the bidding process for the FUNDUS property "Gutenberggalerie"  ( page no longer available , search in web archives )  Info: The link was automatically marked as defective. Please check the link according to the instructions and then remove this notice. , Notification dated January 29, 2009, accessed September 1, 2010@1@ 2Template: Dead Link / www.fair-news.de  
  9. ↑ a b Alexander Krex: Quarrel about the "Adlon" - Kempinski goes to court . In: Die Welt , February 10, 2009, accessed April 8, 2010
  10. ↑ a b Where a black zero is the highest of feelings . In: Immobilien-Zeitung , No. 11, March 18, 2010, p. 3
  11. ↑ Peter Maurer: No money for Adlon investors . Immobilien Zeitung online of December 2, 2010, issue 48/2010, p. 3, accessed on December 21, 2010
  12. ^ Daniel Schönwitz: Jagdfeld continues to wall . Wirtschaftswoche online, July 7, 2010; with reference to the judgment 8 O 466/09 of the Aachen Regional Court, accessed on September 1, 2010
  13. ^ Judgment of the Federal Court of Justice Az. II ZR 187/09 of January 11, 2011
  14. ↑ a b Steffen Uttich, Nadine Oberhuber: Power struggle for the Adlon. In: faz.net , July 13, 2011, accessed March 5, 2015
  15. ↑ Adlon entrepreneur Jagdfeld prevails , in: Handelsblatt online from August 27, 2011, accessed on August 27, 2011
  16. ↑ Jens Brambusch: charges against Adlon investor hunting field ( Memento of 7 September 2012 at the Internet Archive ) . In: Financial Times Deutschland , September 6, 2012, accessed on September 7, 2012
  17. ↑ Gerda Gericke: Adlon shareholders stand by Jagdfeld . In: Immobilien-Zeitung , November 30, 2012, accessed November 30, 2012
  18. ↑ Steffen Uttich: Grandhotel Heiligendamm. A dream with quirks . In: FAZ . February 11, 2011 ( faz.net [accessed February 11, 2011]).
  19. ↑ Peter Maurer: Heiligendamm Fund: Shareholder shares are devalued . Immobilien-Zeitung online, February 11, 2011; Retrieved February 11, 2011
  20. ↑ Hermann-Josef Delonge: How will the Grand Hotel continue? In: Aachener Zeitung . March 9, 2011 ( az-web.de ).
  21. ↑ Marlon Gego: Still no good prospects in Heiligendamm .  ( Page no longer available , search in web archives )  Info: The link was automatically marked as defective. Please check the link according to the instructions and then remove this notice. Aachener Zeitung online, December 14, 2011; Retrieved December 30, 2011@1@ 2Template: Toter Link / www.aachener-zeitung.de  
  22. ↑ Heiligendamm has always been good for a bankruptcy . Welt online , February 29, 2012; Retrieved February 29, 2012
  23. ↑ Jagdfeld real estate: The Grand Hotel Heiligendamm is broke . Welt online , February 28, 2012; Retrieved February 28, 2012
  24. ↑ Annette Berger: Grand Hotel Heiligendamm is broke . ( Memento of March 2, 2012 in the Internet Archive ) Financial Times Deutschland online, February 28, 2012; Retrieved February 28, 2012
  25. ↑ The story of a foreseeable bankruptcy .  ( Page no longer available , search in web archives )  Info: The link was automatically marked as defective. Please check the link according to the instructions and then remove this notice. Aachener Zeitung online, accessed on May 10, 2012@1@ 2Template: Toter Link / www.aachener-zeitung.de  
  26. ↑ Glimmer of hope for an insolvent G8 hotel . Focus-Online, March 5, 2012; Retrieved March 13, 2012
  27. ↑ Six investors are interested in Heiligendamm . In: Die Welt , March 9, 2012
  28. ↑ Peter Maurer: Jagdfeld: Heiligendamm investments are lost . Real estate newspaper online, March 26, 2013
  29. ↑ Abendblatt.de
  30. ↑ aachener-zeitung.de
  31. ↑ Reiner Reichel: Grand Hotel is looking for buyers . In: Handelsblatt . No. 133 , July 15, 2013, ISSN  0017-7296 , p. 36 .
  32. ↑ Luxury hostel: Tax advisor buys Grand Hotel Heiligendamm. In: Spiegel Online . August 1, 2013, accessed August 1, 2013 .
  33. ↑ Only 30 tenants in the pyramid - three quarters of the offices are empty / operators are still optimistic . In: Berliner Zeitung , April 27, 1995
  34. ↑ "pyramid" Forex traders smell fraud - office is investigating real estate funds fundus . In: Die Welt , March 27, 2004
  35. ↑ Ursula Schwarzer: Berlin luxury hotel: Adlon owners are threatened with total loss . Spiegel Online , January 17, 2013, accessed January 17, 2013
  36. ↑ Berlin Babylon . ( Memento of the original from April 1, 2010 in the Internet Archive ) Info: The archive link was inserted automatically and has not yet been checked. Please check the original and archive link according to the instructions and then remove this notice. Film by Hubertus Siegert, Piffl Medien & SUMO Film, Germany 1996-2001  @1@ 2Template: Webachiv / IABot / www.berlinbabylon.de
  37. ↑ Ex-Senator for Construction Nagel goes into the real estate industry . In: Berliner Zeitung , April 17, 1996