Le mie ricette per la real estate communityCommerz 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.
This
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