A La Française real estate fund has bought its first micro-living asset in Germany.
La Française Real Estate Managers, which represents the La Française collective real estate investment vehicle, has invested an undisclosed amount to buy the asset from developer Sicon Hospitality.
The property at Am Poßmoorweg 6 in Hamburg is fully let to operator Hood House.
The redevelopment project of a former office building into a serviced, six-storey living space commenced in 2019 and was recently completed. It offers 5,301sqm of floor space and a total of 148 apartments.
Mark Wolter, managing director of La Française Real Estate Managers in Germany, said: We are delighted to secure our first micro-living asset in Germany. This acquisition is perfectly in line with our strategy to diversify our German real estate portfolio with assets that perform well relative to environmental, social and governance criteria.
“Furthermore, the asset offers a solution to changing consumer-user behaviour, as communal living space becomes more sought after. We are confident in the long-term attractiveness of the property itself, as well as the asset class.”
To read the digital edition of the latest IPE Real Assets magazine click here.