PATRIZIA AG, a leading partner for global real assets, has acquired a residential turnkey development opportunity in Hamburg, Germany, from the residential developer Instone Real Estate. PATRIZIA made this off-market acquisition on behalf of its institutional clients.
Scheduled for completion in autumn 2024, Urban.Isle Campus is aimed at students and young professionals and will provide c. 10,100 sq m of residential rental space across 469 fully-furnished, high quality micro apartments, with an average size of 23 sq m. Amenities include a roof-top terrace with an outdoor kitchen, study rooms and further indoor community spaces with kitchen as well as table football and billard table together with ample bicycle storage for all residents. The finished property will also have c. 1,400 sq m of commercial space which is already almost fully under lease.
From a social perspective, the building will provide rental space to the local volunteer fire brigade as well as 22 apartments for “Lebenshilfe”, a German charity that helps people with disabilities lead independent lives.
Urban.Isle Campus is located in Hamburg-Rothenburgsort, a burgeoning micro location close to HafenCity that provides excellent amenities and transport connectivity to Hamburg’s universities and the wider city. HafenCity is Europe’s largest urban development project, measuring approximately 157 hectares, and stands on a former industrial site directly on the waterfront in the old docklands. It is evolving into a completely new district combining workplace and residential uses, education, culture and leisure, tourism and retailing.
Source : Company