Commerz Real Capital Management Company has acquired a student and apartment building to be constructed in Berlin-Friedrichshain from Berlin-based project development company Ansorg Development.
Financial details were not revealed.
The asset was acquired for the fund manager's real estate special fund CR Institutional Smart living in a forward-funding arrangement.
'Berlin is an ideal location for student and micro-apartments,' said Johannes Anschott, the Commerz Real board member responsible for institutional business.
'Many international students, young professionals and commuters are looking for living quarters available at short notice and with modern furnishings, yet face a supply shortage.'
Ansorg Development plans to complete the building at Gürtelstrasse 36 by the third quarter of 2021. It will encompass 232 furnished apartments across six storeys and around 5,000 m2 of leasable area.
The open-ended special alternative investment fund CR institutional smart living is investing around €300 mln on behalf of professional and semi-professional investors in student residential complexes in Germany.
