Le mie ricette per la real estate communityIn
the framework of the cooperation which they recently entered into,
Commerz Real and Wertgrund Immobilien have acquired their first property
– a new residential complex construction in Darmstadt. The
seller is MAG Projektentwicklungs GmbH, a subsidiary of Mainzer
Aufbaugesellschaft mbH, which is domiciled in
Mainz. It was agreed that confidentiality be maintained on the purchase
price. Completion and transfer to the Commerz Real open-ended real
estate fund hausInvest are scheduled to take place in 2021. Wertgrund
has accompanied the transaction and will assume
the leasing and property management. The acquisition was structured as a
forward funding agreement. This means that the fund initially bought
the plot of land with a development obligation and then pays for the
property in instalments depending on construction
progress.
The complex, which is located at Haardtring 3 in the Darmstadt West
district, encompasses eight apartment houses with a total of 194 two- to
four-room apartments on a residential floor area of approx. 15,600
square metres, as well as 213 underground car parking
spaces. 49 of the apartments are to be publicly subsidised. All the
buildings are being constructed to the KfW Efficiency House 55 standard.
The construction project is part of what is currently Darmstadt’s
largest district development; in the framework of
this development a total of 13 new buildings with 684 apartments and
micro-apartments are being built on an area of approx. 24,000
square metres. “As a
university city in the burgeoning Rhine-Main metropolitan region
Darmstadt has a positive population development and very good growth
prognoses,” explains Thomas Meyer, the chairman of the board of
management
of Wertgrund Immobilien. Thus according to figures released by the
city, the population grew by nearly 14 per cent from 2007 to 2017, while
the number of residential units in the period between 2007 and 2018
merely increased by just less than four per cent.
Through to 2030 the city expects the population growth to be approx.
seven per cent.
“A
successful start to our collaboration,” says Andreas Muschter, the
Chief Executive Officer of Commerz Real. “As a new construction with
subsidised residential units in a developing
city with strong demand for apartments this property corresponds
perfectly with the hausInvest investment strategy.” The second-largest
German open-ended real estate fund has a volume of approx. 14.9 billion
euros and intends to invest some two billion euros
in residential real estate within the next four to five years. In order
to achieve this objective Commerz Real has been cooperating with the
residential specialist Wertgrund Immobilien since April 2019.
Source : Joint release