HIH Invest Real Estate GmbH (“HIH Invest”) just acquired the Schillerquartier housing estate in Mönchengladbach. Its developer and seller is CQ-Haus GmbH, a subsidiary of the DBMC Group from the Netherlands with an extensive track record in housing construction. The neighbourhood development on Steinmetzstrasse consists of three development sites, with the first building nearly completed. It splits into 66 residential units, supplemented by a commercial unit of 2,315 square metres that will be occupied by a Lidl discount supermarket on a long-term lease. The remaining 94 residential units on a combined floor area of 5,876 square metres, as well as the eight office and retail units with a combined floor area of 1,545 square metres will be located at development sites 2 and 3, which are slated for completion by the third quarter of 2023. One commercial unit of 530 square metres has already been let long-term to a day nursery operator. Construction works at development sites 2 and 3 will begin shortly, since the planning consents have already been issued. Also part of the overall project are 179 parking spots, some of which include charging points for electric vehicles.
The Schillerquartier housing estate was purchased for “Wohninvest Quartiere Deutschland,” a institutional club fund organised under Article 8 of the Sustainable Finance Disclosure Regulation (OffV). In autumn of 2021, HIH Invest succeeded in acquiring a residential development in Osnabrück for the fund, whose target volume exceeds 500 million euros, as its first investment asset. A large portion of the projected equity capital has already been secured with pension funds, retirement schemes and insurance companies, and the next acquisitions are currently under review.
The Schillerquartier housing estate is very centrally located, Mönchengladbach’s pedestrian precinct and central railway station being just a short walk away. “The building complex is defined by aspirational architecture, paired with excellent specifications, and it was honoured with the ICONIC Award at the Expo Real 2021 trade fair. The plans designed by the Schrammen architectural firm from Mönchengladbach picks up on features of Belle Époque buildings and translates them into modern architecture,” said Nadine Robra, Team Leader Transaction Management Germany at HIH Invest.
The acquisition of Schillerquartier is in line with the sustainable investment strategy and the ESG mission statement of the “Wohninvest Quartiere Deutschland” fund. The high-end new-build units will meet the 55 EE KfW Efficiency House standard, and have very easy access to the public mass transit system. The family-friendly quarter will have its own playground and an integrated day nursery. “Even after the pre-acquisition audit, we keep scrutinising the properties in terms of sustainability. During the entire time that these assets are part of our portfolio, we will compile ESG reports from time to time. Doing so will ensure that the quality remains the same, but it also plays a key role in ESG governance,” said fund manager Tom Kircher of HIH Invest.
On the strength of its transportation links, Mönchengladbach has evolved into a hub connecting the Benelux countries with the Rhine-Ruhr metro region. In addition to having convenient access to the motorway network via the A61, A52 and A44 motorways, Mönchengladbach is part of a rapid transit system and has regional and high-speed rail service connections to nearby metropolises, most notably Düsseldorf. Düsseldorf Airport is a commute of 30 minutes away.
Image rights:: CQ-Haus GmbH.
Source : Company