BNP Paribas Real Estate Investment Management has acquired a residential asset for its open-ended mutual fund BNP Paribas Diversipierre, from Hamburg's HT Group.
Financial details were not disclosed.
The asset is a state-of-the-art residential complex located in Hamburg’s Bergedorf district in Germany.
The acquired portfolio encompasses six multi-family buildings with 5 to 6 storeys each and features 155 apartments, a total area of around 13,000 m2 and 138 parking spaces.
Isabella Chacón Troidl, chief investment officer of BNP Paribas REIM Germany said: 'Residential assets are a vital addition to the BNP Paribas Diversipierre portfolio.
'Strong demand for housing even during the pandemic and sustainable cash flows bring more than just stability to the overall portfolio.
'This residential complex in Hamburg-Bergedorf with its upside potential in terms of sustainability and with rent prices still below the market average represents a particularly attractive opportunity to combine social and environmental responsibility.'
All apartments were completed in 2010, have universal access, come with high-end fixtures and fittings, including built-in kitchens and balconies, and were designed with young couples and families in mind.
The property’s high environmental standard mean that tenant energy consumption is already close to complying with the KfW 60 standard, which is half the average consumption of German households.
The fund plans to upgrade the property through targeted sustainable living investments, including installing photovoltaic systems on the roofs and applying for sustainability certification.
'This investment is a great achievement for our OPCI BNP Paribas Diversipierre, being the first residential asset directly held by the fund since its inception in 2014. Such a deal perfectly fits the fund strategy, whose aim is to offer a highly diversified portfolio across the Eurozone with excellent Real Estate fundamentals,' added Jean-Maxime Jouis, global head of fund management & private investors of BNP Paribas REIM.
BNP Paribas Diversipierre fund, compliant with Article 8 of the EU’s SFDR (Sustainable Finance Disclosure Regulation), was launched in 2014 and was awarded the French sustainability ISR Label in 2020. As at year-end 2021, the fund portfolio comprised 31 properties across different asset classes with an overall fund volume of more than €2.5 bn.
In addition to residential properties, the fund’s agenda for 2022 includes logistics, healthcare, offices and life sciences assets.
The buyer was advised by Clifford Chance, Drees & Sommer, GreenAffair and TAUW. Colliers brokered the deal for the seller with Norton Rose Fulbright acting as legal advisor.
