Patrizia has acquired a residential development project in Germany from Instone Real Estate for an undisclosed sum.
The asset manager said it has acquired Urban Isle Campus in Hamburg-Rothenburgsort on behalf of its institutional clients.
Urban.Isle Campus consists of residential rental space across 469 fully-furnished micro-apartments for rent aimed at students and young professionals
The development, scheduled for completion in autumn 2024, will also have 1,400sqm of commercial space which is already almost fully under lease, Patrizia said.
Nathalie Winkelmann, the head of fund management residential at Patrizia, said: “This transaction has allowed us to acquire a high-quality residential property with a futureproof concept that taps into the demand from students and young professionals for micro-living accommodation with excellent transport connectivity.”
Christoph Langmack, the head of residential acquisitions at Patrizia, said: “Urban.Isle Campus’ strong ESG credentials align with our own ambitions, as well as those of our investors, to deliver real estate that is socially and environmentally conscious.”
Langmack said within the past 12 months, two other development projects with a total volume of €220m have been signed with Instone.
“So we already have a strong relationship with Instone Real Estate and we are excited to be working with them on this latest project.”
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