Corpus Sireo Real Estate has announced the acquisition of two development projects in Ehrenfeld, Cologne, and Überseestadt, Bremen, on behalf of a pension fund mandate received last summer.
The Ehrenfeld project is currently under development with delivery scheduled for December 2018. It is a five-storey corner development on a previously empty site. It will provide 91 fully furnished apartments covering a total living space of 2,620 m2, a 555 m2 day-care facility and an underground garage with 27 parking spaces.
The asset was bought from the Düsseldorf-based project developer Die Projektisten.
The second project is located in the new Bremen district of Überseestadt and is also a residential new-build complex. The asset was sold by Kontorhaus KSS and is scheduled for delivery at the end of 2019. It will provide 58 residential units, two commercial units and an underground garage with 32 parking spaces.
Financial details were kept confidential.
Corpus Sireo was hired in the summer of last year to build up a €300 mln residential development portfolio on behalf of a consortium of pension funds.
In addition to acquisition management, the mandate comprises asset and property management.
