Commerz Real Capital Management Company has acquired a residential and commercial property to be built in Cologne for its open-ended alternative German real-estate fund CR Institutional Smart Living.
The manager said it has agreed a forward funding deal with the vendor Kreer Development to buy the asset made up of 159 student and 30 serviced apartments, including a discount supermarket in the Ehrenfeld district.
Financial details were undisclosed.
The mixed-use property, at 202 Vogelsanger Strasse, is scheduled for completion in early 2022. It will have total rental space of some 5,400sqm