Listed housing landlord Industria Wohnen has acquired a German residential portfolio worth €226 mln for its newly launched open-ended real etate fund Industria Wohnen Deutschland V, from the Netherlands' Ten Brinke Group.
The five residential project developments are located in Berlin, Cologne, Wuppertal and Mainz. The new fund is contributing €122.5 mln of equity to the deal.
'The strategy of the newly launched fund is aimed at new construction properties in sustainable locations with affordable rents and demand-oriented housing sizes,' commented Klaus Niewöhner-Pape, managing director of Industria Wohnen.
According to Industria Wohnen, 45% of the planned fund volume of €500 mln is now committed. The fund has been issued jointly with IntReal International Real Estate Kapitalverwaltungsgesellschaft.
The residential component comprises 90% of the portfolio, which is made up of 623 homes and twelve commercial units covering 53,644 m2 as well as 708 parking spaces. The average rent for each apartment works out as €826 per month. Industria will manage the letting as well as tenant and property support.
Ten Brinke purchased the land and submitted the building applications for the projects, on which construction will commence at shortly.
Heussen Rechtsanwälte advised Industria Wohnen.
