Commerz Real Kapitalverwaltungsgesellschaft (KVG) has acquired a residential project for its CR Institutional Smart Living Fund at Johannisgasse 26 in Leipzig, comprising 265 student and micro apartments.
Financial details were not disclosed.
The scheme was acquired in an asset deal from AT Projektentwicklungs, which will develop the residential asset.
The new property will take shape in the shell of a former office buiding, built in 1990. The first students are expected to move into the building in March 2022, when the summer semester begins.
The apartments that will be created will have an average size of just over 25 m2, creating a total living space of 6,650 m2. In addition, the basement of the building will accommodate 98 car parking spaces and 265 bicycle stands.
Commerz Real said that the property would benefit from its well-connected location, and vicinity to the medical and veterinary faculty of Leipzig University. Further academic facilities and university clinics are also close by, all comprising 'ideal prerequisites for our target group – students and young professionals', according to Heiko Szczodrowski, head of asset structuring portfolio management at Commerz Real.
'The fund has thus now reached a total investment volume of about €420 mln,' Szczodrowski added, which includes nine other properties.
CR Institutional Smart Living Fund is designed as an open-ended special alternative investment fund, investing on behalf of professional and semi-professional investors in student and micro-apartments in Germany.
