Commerz Real has bought four residential projects in Germany from Quarterback Immobilien.
The manager said it has bought the yet-to-be-constructed Wohnen am Kulturgleis project in Dresden, the Wohnen am Mönchsberg in Jena, as well as the Krystallpalast Areal and Eliseneck projects in Leipzig for its open-ended real estate fund Hausinvest.
Financial details were undisclosed.
Once the properties are completed, the portfolio will comprise some 650 apartments, a hotel with 282 rooms and 20,000sqm of commercial space.
Mario Schüttauf, fund manager for Hausinvest, said the deal “amounts to a significant expansion of the residential proportion in Hausinvest”.
“The off-market acquisition has been structured in the form of forward funding with an agreement that confidentiality be maintained regarding the purchase price.”
In March last year, Commerz Real also bought a construction project in Jena comprising six buildings with 114 apartments from Quarterback.
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