Commerz Real e Wertgrund acquisiscono un progetto residenziale da 50 mn a Monaco

Commerz Real and Wertgrund Immobilien have acquired a residential complex for approx. 49.6 million euros from Isaria Wohnbau that is to be newly constructed in “Diamaltpark” in Munich. Following completion by the end of 2021 at the latest it is to have 146 apartments on a leasable area of approx. 10,700 square metres and become part of the portfolio of the open-ended real estate fund hausInvest. Wertgrund will then assume responsibility for the leasing and property management. “Diamaltpark” is a new quarter with a total land area of some 79,000 square metres, at which Isaria Wohnbau is currently developing and constructing 721 apartments on the disused factory premises of Diamalt AG, a former foodstuffs manufacturer, in the Allach-Untermenzing district to the north west of Munich city centre. The development will see the preservation of three historic buildings and the creation of central park covering 1.5 hectares.

“We are creating affordable apartments, and above all for families, in a sought-after urban location,” explains Mario Schüttauf, a fund manager at hausInvest. Of the 146 apartments in the construction project acquired by Commerz Real and Wertgrund Immobilien 113 are to be publicly subsidised (income-based funding) and 33 price-subdued under the “Munich Model for Tenants”. The common factor with both public housing construction programs is that the landlord 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. 118 apartments are to have a balcony or patio. In addition, it is planned to create two joint-use rooftop terraces as well as 94 parking spaces in an underground car park. Stores to meet daily needs as well as suburban railway stations and bus stops are within easy walking distance. Munich central railway station is only a 15-minute journey with the suburban railway. “Thanks to the attractiveness of this residential location, following our considerable successes with the ongoing individual marketing endeavours, in the framework of a forward deal we have also been able to sell an entire construction site in Diamaltpark for the first time,” says Sven Graven, Head of Transaction at Isaria Wohnbau.

Following “Nockherberg NOC 2.4” this is already the second newly-constructed residential complex to be acquired by Commerz Real and Wertgrund in Munich and the fourth in total in Germany since the commencement of the cooperation in April 2019. 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 former life insurance company Generali. Furthermore, at the beginning of December the asset and investment manager acquired the “Am Tucherpark” quarter from Hypovereinsbank; this covers just less than 15 hectares, on which it is planned to construct publicly subsidised apartments, among other developments. In the medium term hausInvest, the second-largest German open-ended real estate fund, plans to invest around 10 to 20 per cent of its current volume of 15 billion euros in residential real estate.

Source :  Joint  release