Property company Industria Wohnen has acquired 155 rental apartments in Lübeck, Germany from residential development firm Bonava for €45 mln.
The housing units will be completed in three phases, with the first of these units expected to be handed over to the customer and recognised in profit in the third quarter of 2022.
Joachim Hallengren, president and CEO, Bonava said: 'Germany is a strategically important market for us and the need for affordable housing there remains high.
'Accordingly, there is healthy demand from investors to invest in rental apartments, as demonstrated by this transaction.'
The new neighbourhood has been developed in consultation with the public, and comprises 155 rental units across ten apartment blocks with green rooftops, electro-mobility services and an underground system for the collection of waste.
Bonava said that recent research estimated that Germany would require the construction of some 400,000 new housing units anually over the next ten years.
In the spring of 2020, Bonava was named Germany’s most active residential developer for the eighth consecutive year, according to the market analysis from Bulwiengesa.
