A fund managed by Quantum Immobilien on behalf of a small group of pension funds has acquired 537 apartments in Berlin, in a forward funding deal with developer OFB Projektentwicklung (OFB) and Instone Real Estate.
Financial details were kept confidential.
The transaction comprises five residential buildings with around 23,700 m2 of living space and 135 parking spaces in two underground garages. Located in the Berlin district of Friedenau, the project is scheduled for completion in 2024.
‘We started construction work immediately after the transaction was completed,’ said Klaus Kirchberger, CEO of OFB.
‘With the high-quality residential development in the Friedenauer Höhe, we were able to secure a sustainable off-market investment opportunity for our long-term investors,’ added Celia-Isabel Vietmeyer, managing director of Quantum Immobilien.
The project is part of the Friedenauer Höhe development plan, which also includes around 240 subsidised apartments and a day-care centre.
