Bouwfonds Investment Management has acquired a number of residential buildings and developments in Germany and Denmark on behalf of a German institutional client for €130 mln.
Bouwfonds Investment Management has acquired a number of residential buildings and developments in Germany and Denmark on behalf of a German institutional client for €130 mln.
The Wohnen (residential property) portfolio includes an existing building and a project of 12,000 m2 each in Hamburg, a 7,000 m2 project in Frankfurt and an 8,000 m2 building in Copenhagen.
The company plans to invest €53 mln and €31 mln respectively for the Hamburg and Frankfurt project. Both developments are expected to be delivered by end-2016.
Bouwfonds IM will be responsible for portfolio and asset management of the properties.
'We are pleased to have acquired attractive stock of newly constructed properties in three economically vibrant cities for our client,' said Michael Keune, fund manager European residential at Bouwfonds IM Deutschland. 'The acquisitions consist of good, centrally located residential properties, nearly all of them fully occupied, and either in perfect condition or structurally renovated or to be completed in the next two years.'
