Commerz Real’s capital management business has added a 368-apartment complex in Germany to its student-and micro-apartment fund.
The manager said its Commerz Real Institutional Smart Living Fund has agreed a forward funding deal to buy the complex in Darmstadt, near Frankfurt.
The asset was acquired from a joint venture between Mainzer Aufbaugesellschaft and i Live for an undisclosed sum.
Following completion, i Live will assume responsibility for letting and property management.
The complex, located at Im Haardtring 15 in the Darmstadt West district, will provide 368 apartments for students, young professionals and commuters, as well as 93 underground car parking spaces and 360 bicycle stands, on a total floor space of 9,000sqm by the autumn of 2021.
Heiko Szczodrowski, head of asset structuring portfolio management at Commerz Real, said: “As a university city with a large number of research facilities, a dynamic economy and its proximity to Frankfurt am Main, Darmstadt is an ideal investment location for our Smart Living Fund.”
The open-ended fund is currently investing in six student- and micro-apartment complexes in Germany.