Hochtief sells 208 rental apartments in Hanover for EUR 60m

German development-construction group Hochtief has announced the sale of 208 rental apartments in Hanover for more than EUR 60 mln in a string of deals. Hochtief's Solutions Formart division said that an institutional investor acquired 37 rental units at the 'Loft as you like' residential project on Dreyerstrasse in an off-market deal.

The same investor bought eight houses, with a total of 72 apartments, at the Mosaik Eilenriede residential development on Mars-la-Tour-Strasse. AXA's Immoresidential special fund acquired eigth buildings, with 90 apartments, at the same project. Two private investors each acquired one building (with a total of nine residential units) at Mosaik Eilenriede.

The Mosaik Eilenriede project has now been fully sold prior to the start of construction this summer. The project involves the construction of 18 townhouses with 171 residential units and four underground parking garages in Hanover's Zoo district. The groundwork is currently underway at the approximately 16,300-m² site at Mars-la-Tour-Strasse. The buildings are scheduled for completion at the beginning of 2014.

A residential building with 37 rental apartments and an underground parking garage is under construction in Calenberger Neustadt. The site, which has an area of around 2,300 m2, is between Dreyerstrasse and Leineufer. The existing building will be demolished after July 2011 and a loft-style house completed by the end of 2012.

Hochtief Solutions plans, develops, builds, operates and manages real estate and infrastructure facilities. Formart is the residential development arm.