Primevest Capital Partners has acquired a newly-built residential complex on behalf of a south German pension fund.

The Dutch-German investment manager said it has invested €9m to buy the 47 subsidised apartments in Aachen from Merkur Development Holding.

The asset is located on Drosselweg 17-25 to the southeast of Aachen’s city centre. The complex was completed in December 2020 and comprises five three-storey buildings with a mezzanine floor together with 38 residents’ parking spaces to the rear.

Danica Cicmil, fund and acquisition manager at Primevest Capital Partners, said: “Aachen is an important regional employment hub on the western border of North Rhine-Westphalia and the city’s current shortfall of modern affordable housing will rise in the future due to its growing population, particularly when rental subsidies for a substantial portion of this segment are withdrawn in 2027.

“These positive supply/demand market characteristics, combined with the low risk and secure income attributes of the asset make this latest acquisition an attractive proposition for our investors.”

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