The Joachim Herz Foundation has invested in a multi-family development in Germany from Trei Real Estate.
Trei said it has sold its Lotsenhof multifamily development at Mainzer Zollhafen to an open-ended fund that Competo Capital Partners manages with Intreal on behalf of the Joachim Herz Foundation in Hamburg.
The property, which will deliver 95 rental apartments, is scheduled for completion by the fourth quarter of 2023. Financial details were undisclosed.
Frank Teupe, the head of investment management at Competo Capital Partners, said: “We’re glad we were able to secure such an attractive residential development for the Joachim Herz Foundation.
“We expect to see strong demand for apartments, especially since the macro-environment has plenty of potential: Wiesbaden and Frankfurt are only a few kilometres away, while Mainz is home to a whole variety of high-end companies and higher education institutions.”
“Lotsenhof is the first project in Germany that Trei has handled in an exit developer role. With the growth of our German development pipeline, it is quite conceivable that we may continue to sell fully completed property developments in the future,” said Pepijn Morshuis, CEO of Trei Real Estate.
To read the latest edition of the latest IPE Real Assets magazine click here.
