Commerz Real’s capital management business has bought a residential complex in Berlin for its open-ended special real estate fund
The manager said, through a forward funding deal, it has acquired a student and apartment building in Berlin-Friedrichshain for Commerz Real Institutional Smart Living Europe Fund from Ansorg Development.
Commerz Real has initially bought the plot of land with an obligation to build and then gradually pays for the real estate in line with construction progress. Financial details were undisclosed.
Ansorg plans to complete the building at Gürtelstrasse 36 by the third quarter of 2021.
It will encompass 232 furnished apartments on six storeys and around 5,000sqm of leasable area.
