German investor Commerz Real has acquired a portfolio with four residential complexes that are to be built by developer Quarterback in the cities of Dresden, Jena and Leipzig.
The off-market acquisition has been structured in the form of forward funding with the purchase price being kept confidential.
The acquisitions were made on behalf of the group’s Hausinvest open-ended real estate fund.
They consist of the Wohnen am Kulturgleis project in Dresden, Wohnen am Mönchsberg in Jena, as well as Krystallpalast Areal and Eliseneck in Leipzig. Following completion of the properties the portfolio will comprise some 650 apartments, a hotel with 282 rooms and 20,000 m2 of commercial space.
‘This amounts to a significant expansion of the residential proportion in Hausinvest,’ said fund manager Mario Schüttauf. The Commerz Real had already bought a construction project in Jena comprising six buildings with 114 apartments from Quarterback Immobilien in March 2021.
