Le mie ricette per la real estate communityCommerz Real Capital Management Company (Kapitalverwaltungsgesellschaft, KVG) has acquired a residential and commercial property to be built
in the Ehrenfeld district of Cologne for its real-estate special fund, CR Institutional Smart Living.
The
vendor is Kreer Development, itself located in Cologne. The two parties
have agreed to not disclose the value of the transaction, which has
been structured by Commerz
Real as a forward purchase asset deal. In other words, Kreer will
construct the building at its own expense, and Commerz Real will then
accept the turn-key property upon completion, and pay the agreed price.
This is the second project between the two companies.
In June 2017, Commerz Real purchased a student and apartment building
in Bonn for the same speciality fund, with the first occupants taking up
residence in May of this year.
The mixed-use property will be at 202 Vogelsanger Strasse, and was
designed by Astoc Architects & Planners, also based in Cologne. It
is scheduled for completion in early 2022. It will have total rental
space of some 5,400 square metres, and comprises a student
accommodation block to be managed by Pro Immobilia (approximately 3,200
square metres, 159 apartments), 30 Stayery-branded serviced apartments
(approximately 700 square metres), and a store to be leased long-term to
a nationwide discount supermarket chain
(approximately 1,200 square metres), plus a number of smaller
commercial units (three to four, approximately 300 square metres in
total). There will also be 54 underground parking spaces for the
building’s residents, and 30 outdoor parking spaces for supermarket
customers.
Ehrenfeld
has evolved from an industrial and working-class district into a
residential area popular with artists and students who are attracted by a
lively cultural scene and the
many local public houses and bars. In addition to the discount
supermarket in the building itself, residents will have easy access to a
variety of shops in the immediate vicinity. Ehrenfeld rail station and
Venloer Strasse, a major axis road featuring multiple
bus and tram stops, are just a few minutes’ walk away. Cologne
University, attended by almost 50,000 students, is about 15 minutes by
bicycle, and some 20 minutes by public transport.
The
CR Institutional Smart Living fund also holds assets in other German
cities, including Berlin, Bonn, Düsseldorf, Essen and Hanover.
It
is an open-ended special alternative investment fund, channelling some
300 million euros into student and micro-apartments in Germany on behalf
of professional and semi-professional
investors.
Source : Company