Real estate investment managers Aam2core and Nrep have acquired the first asset for their new German value-add residential venture.
The partnership created in December last year has invested an unspecified amount to acquire the Project Meran asset in Cologne-Ehrenfeld from an unnamed Swiss real estate investor.
The asset, constructed in 1965, comprises 83 residential units with an average size of 62sqm. The joint partners said it possesses development potential, with permission granted for approximately 3,100sqm of additional residential space.
Björn Munte, VP of Nrep, said: “This deal marks an important milestone for our entry into the German market. Our first joint investment with Aam2core emphasises our shared commitment to the sustainable and efficient development of residential space and to unlocking its full potential.”
Jens Ebert, member of the management board at Aam2core, said: “With the acquisition of the Meran project, we continue to implement our strategy of investing in sustainable residential assets with significant development potential.
“This acquisition underlines our ambition to become a leading investment and asset manager in the residential real estate market.”
Paul Hohenstatt, head of residential investments at Aam2core, said: “By combining energy-efficient refurbishment with new development, we create long-term value for our investors and actively contribute to sustainable urban development in a tight housing market.”
To read the latest IPE Real Assets magazine click here.
