ROY Ceramics SE: Participation in the project development of a multi-family high-rise in Houston, Texas
ROY Ceramics SE is participating in the project development of a multi-family high-rise in Houston, Texas
1. May, 2018, Hungen – ROY Ceramics SE (WKN RYSE88, ISIN DE000RYSE888), through its subsidiary in the US, concluded an joint venture agreement with a project partner in the US today for the development of a multi-family high-rise. This project is a further step in expanding the presence of ROY Ceramics SE in the US and strengthening the real estate business area.
The project involves the construction of a high-rise with approximately 328 residential units and approximately 1,380 m² of commercial space. The site is centrally located in Houston. The project will take approximately two years to build and stabilization is expected within two years after that. The total investment will be approximately USD ~130 million, of which ROY is investing USD 29.0 million in equity. The amount of the construction costs will be secured by a guaranteed maximum price contract. ROY’s project partners are a leading property developer in Houston with a proven track record of successfully developing such projects and a large US based engineering and design firm. The implementation of the project will commence immediately.
It is planned that the project will be sold after it is completed and stabilized. Leasing of the units is expected to start in Q4 2019 with project stabilization expected by Q2 2021.
ROY Ceramics SE
Bockenheimer Landstr. 17/19
60325 Frankfurt am Main
Tel. +49 (0)69 710455155
Fax +49 (0)69 710455450