Newly-founded investment boutique 777 Capital Partners has acquired its first two project developments in Germany for a total of €100 mln.
According to the firm, the assets in Berlin-Mitte and in the greater Nuremberg area offer significant upside potential.
777 Capital Partners was recently established by Ralph Winter and Thomas Landschreiber and focuses on off-market and opportunistic transactions in the segments 'innovative living' and 'commercial real estate'.
The first project, in Berlin-Mitte, is a micro-living residential development with an area of 5,700 m2. The property features common spaces which will be made available to tenants via a live & work-concept. The building permit for the €65 mln development has already been obtained, with completion scheduled for the end of 2022. A 20-year lease for a daycare centre has already been concluded with the City of Berlin.
Thomas Landschreiber, partner & co-founder of 777, said: 'The Berlin project offers innovative micro-apartments in an excellent location and the local shopping centre in Bavaria is designed to meet the sustainable requirements of the region.
'I am pleased that we were able to acquire such promising projects just a few weeks after the launch of 777 Capital.'
The second project is a local retail asset with leasable space of around 11,000 m2 in Sulzbach-Rosenberg, near Nuremberg. The building permit for the project development has already been issued and completion is scheduled in the first quarter of 2022.
Pre-leasing has reached almost 80% with some contracts up to 15 years in length. Anchor tenants include established grocery retailers such as Edeka and Netto, the drugstore Müller and a textile discounter.
Concluded Landschreiber: 'The transactions were characterised by complex structures and had to be completed in a very short time. Both transactions are good examples underlining our expertise and opportunistic business model.'
In both transactions, law firm Goodwin Procter acted as legal advisor.
