German residential project developer Bonava has sold 154 residential units in Düsseldorf and Leipzig to asset manager Industria for around €50 mln.
The 60 flats in Düsseldorf-Benrath and 94 in Leipzig-Portitz are spread over four multi-family buildings.
Of the 154 units, 146 are subsidised and eight are price-reduced flats.
The first units are scheduled for completion in H2 2025 and will be handed over to Industria's open-ended real estate mutual fund Fokus Wohnen Deutschland.
The managing director of Industria, Arnaud Ahlborn, said: ‘As an investor with a strong equity base, we are able to acquire solid projects even in the current challenging times. We have maintained good relations with Bonava for a long time. The two properties in Düsseldorf and Leipzig are the 15th and 16th properties, respectively, that we have purchased from the developer.’
Sabine Helterhoff, chairwoman of Bonava's Management Board in Germany, added: ‘The fact that we are completing this deal in the current market situation is proof that our positive and long-term investor relationships are paying off. This is Bonava’s ninth transaction, and fifteenth and sixteenth joint project, with the investor, Industria.’
In both cities, the flats are being built as part of new large-scale neighbourhood developments.
The three apartment buildings with 6,355 m2 of living space to be sold in Leipzig-Portitz are part of the new Parkstadt-Portitz residential district and planned to meet the KfW55 standard with heat regeneration and rainwater recirculation.
Bonava is also selling six commercial units with a total lettable area of 971 m2.
Of the 60 units with a total of 4,000 m2 of space that Bonava is selling in Dusseldorf, the investor will offer 52 of them as publicly subsidised apartments.
The neighbourhood will have a distinct sustainability profile, with features such as greenery and rooftop solar panels.
In addition, Bonava is planning to set up a ride-sharing offer and build a large number of bike parking spaces and a bike repair station.
