BNP Paribas Real Estate Investment Management (BNP Paribas REIM) recently acquired a residential asset for its open-ended mutual fund BNP Paribas Diversipierre. The target property is a state-of-the-art residential complex located in Hamburg’s Bergedorf district in Germany. The asset was sold by the HT Group based in Hamburg.
The transaction is intended to achieve two strategic goals targeted by the fund’s management for 2022: building a residential asset portfolio for the fund and strengthening regional diversification in the target region of Europe. The acquired portfolio encompasses six multi-family buildings with 5 to 6 storeys each and features 155 apartments, a total area of around 13,000 sqm and 138 parking spaces. All apartments were completed in 2010, have universal access, come with high-end fixtures and fittings, including built-in kitchens and balconies, and were designed with young couples and families in mind.
The property’s high environmental standard was a key consideration in the fund’s investment decision as BNP Paribas Diversipierre makes its investments while taking into account ESG criteria (environmental, social and governance). Tenant energy consumption is already close to complying with the KfW 60 standard, which is half the average consumption of German households. The fund plans to upgrade the property through targeted sustainable living investments, including installing photovoltaic systems on the roofs and applying for sustainability certification.
Source : Company