Primevest Capital Partners has invested an undisclosed amount to buy an eight-building residential development in Peine on behalf of an unnamed German pension fund.

Dutch-German investment manager said it has acquired the development at Gunzelinstraße 12a – 16b from Graf Gunzelin UG & Co. The development comprises 97 residential units totalling some 7,730sqm of lettable space.

Danica Cicmil, fund and acquisition manager at Primevest Capital Partners said: “This development in the growth region of Lower Saxony will offer young families and older people alike attractive and affordable accommodation in modern, purpose-built apartments within a 10-minute walk of Peine’s city-centre amenities.

“This fundamentally sound investment for our client is supported by forecasts which show that Peine’s 50,000-strong population is expected to grow significantly while the town is currently experiencing a housing shortage.”

To read the digital edition of the latest IPE Real Assets magazine click here.

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