BNP Paribas Real Estate Investment Management (REIM) has bought a mixed-use property in Germany for its European Impact Property Fund.
The acquired property in Leipzig comprises 196 furnished student apartments, a university facility and smaller office units totalling 11,000sqm, the manager said. The apartments are located at Zschochersche Straße 69, Eduardstr 8 and 10 and Industriestraße 59.
The mixed-use property, built in 1996, also comprises 7,700sqm of commercial space. The asset was renovated in 2019 and 2020.
BNP Paribas REIM said it plans to further upgrade the space at the asset in the coming years.
Isabella Chacón Troidl, CIO at BNP Paribas REIM Germany, said: “The building complex, which features a university as the main tenant along with modern student accommodation, is an extremely exciting, stable investment opportunity with long-term leases in place.
“The property’s location in Leipzig provides excellent access to the city centre and is expected to experience a favourable trend going forward, as is the city itself. It’s a great asset to add to the fund’s portfolio.”
Troidl said stock properties offer tremendous potential for reducing the carbon footprint, adding that improving a building’s energy efficiency makes an important contribution to climate protection and helps reduce operating costs.
“Energy upgrades are key when it comes to achieving climate targets. It’s the only way to noticeably reduce the carbon footprint.
“The Leipzig asset holds tremendous potential for improving energy efficiency, making it perfect for our European Impact Property Fund,” said Troidl.
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