Savills Investment Management’s European living fund has entered the German market with the acquisition of a multifamily property from Patrizia.
The fund has acquired a fully-let 118-unit rental property in Hamburg’s Tonndorf-Wandsbek district for an undisclosed sum, marking its entry into the German market and expanding its portfolio, which also includes assets in Spain, Sweden and the Netherlands.
The European Living Fund, launched in 2023, is a core open-ended fund focused on investing in residential rental assets that generate long-term, stable income and meet sustainability standards.
Patrick Au Yeung, senior fund director for Savills IM’s European Living Fund, said: “The fund is uniquely positioned to capture the market opportunity in European living, owing to our wide but localised deal-sourcing network, physical pan-European presence, and experienced team of sector specialists.
“This provides us with the infrastructure to accelerate deal flow by accessing market opportunities that have been significantly repriced but benefit from highly supportive structural fundamentals.
“We have assembled a portfolio of high-quality, future-proof assets located across core European economies, providing our investors with immediate, long-term, and inflation-hedging income in a sector where capital growth prospects are apparent.”
Tim Ulrich, head of transaction management, Germany at Savills IM, said: ‘With the purchase in the east of Hamburg, we were able to secure another attractive property for our European residential fund. Hamburg is characterised by strong demand for residential space combined with limited supply.
“We continue to look for suitable living properties in German and European locations with positive economic and demographic trends and high sustainability standards.”
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