Commerz Real and Wertgrund Immobilien AG have acquired a complex of eight
apartment blocks in the new residential project “Nockherberg NOC 2.4” in Munich’s Regerstrasse from Bayerische Hausbau.
encompasses 114 apartments and 86 underground car parking spaces, as
well as two smaller commercial units. Construction is likely to commence
in the fourth quarter of 2019. Following
scheduled completion in mid-2022 the complex will become part of the
portfolio of the Commerz Real open-ended real estate fund Hausinvest.
Wertgrund had initiated the transaction and will assume responsibility
for the leasing and property management. It was
agreed that confidentiality be maintained on the purchase price. In
total Bayerische Hausbau is currently building fourteen apartment blocks
on what was previously the premises of the Paulaner brewery in the Au
district close to Munich city centre.
“This transaction shows once again that the construction of subsidised housing can also be attractive for investors with a long-term orientation,” explains Thomas Meyer, the chairman of the board of management of Wertgrund. 74 of the 114 apartments are publicly subsidised (income-based funding), 32 price-subdued (Munich Model for Tenants) and eight freely financed. The income-based funding and the Munich Model for Tenants are residential housing subsidy programs which are intended to create affordable residential properties in Munich. In both cases the lessor undertakes to charge capped rents for periods running into several years and to only award the apartments to persons who are eligible for such housing. All the apartments have a patio, balcony, loggia and/or access to the roof decks. The new construction project “Nockherberg NOC 2.4” is located in the Au district, one of the most popular residential areas in Munich, close to the banks of the Isar River. The central station is only a ten-minute journey from the project, trams and suburban trains are within easy walking distance.
“With the Nockherberg residential complex we intend to make a contribution to easing the tension somewhat on Munich’s housing market and thus also to meeting our societal responsibilities,” explains Mario Schüttauf, a fund manager at Hausinvest. The second-largest German open-ended real estate fund has a volume of approx. 15 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 since April 2019. “We are making excellent progress with the development of the residential portfolio,” says Schüttauf. The residential buildings in the Nockherberg quarter are already the third acquisition, following other construction projects in Darmstadt and Dresden. In addition, Commerz Real recently acquired three residential properties in Munich Allach-Untermenzing, in Schwabing-West and in the Glockenbachviertel district in the framework of the acquisition of the so-called “Millennium Portfolio” from the life insurance company Generali.
Source : Joint release