Le mie ricette per la real estate communityWarburg-HIH Invest Real Estate (“Warburg-HIH Invest”) just acquired 62 residential units belonging to a neighbourhood development in Wedel near Hamburg from its developer, Bonava Wohnbau. The property development at Rissener Strasse 99 + 101 in Wedel represents a new-build construction (meeting the KfW Efficiency House 55 standard) with a total lettable area of about 3,320 square metres, thereof 70 percent earmarked for subsidised housing. It is also planned to create 26 car parking spots. Moreover, the investment includes a day nursery with an effective floor area of 630 square metres. Completion of apartments and nursery is scheduled for the second quarter of 2024. The transaction took the form of an asset deal within the framework of a forward-funding arrangement on behalf of the “Warburg-HIH Deutschland Wohnen Invest” residential investment fund, which was launched this past spring.
Wedel, which is part of Pinneberg District, is well connected to the city area of Hamburg. The commute to downtown Hamburg takes about 25 minutes via the rapid transit system or by car using the B431 federal route or the A23 motorway, while the airport is half an hour away. A trading estate with well-known businesses and the University of Applied Sciences Wedel are also located close to the development.
The acquisition of the property in Wedel continues the investment phase of the fund and expands the supra-regional diversification of its portfolio, the target volumes being at least around 400 million euros. At 3.60 – 3.70 percent p. a., the projected net cash-on-cash return of the investment is right within the range of the target yield of the fund, which invests specifically in ESG compliant residential developments in the so-called urban gravy belt of German metropolises.
Source : Company
- sabato, Aprile 20, 2024