Global real estate investment manager Invesco Real Estate (Invesco) has acquired a residential development in Germany in a forward funding deal set to complete in the first quarter of 2023.
The seller and project developer is developer Quartiersmanufaktur & Co., which will complete the building ready for occupancy together with its partner Immprinzip & Co.
The development in Mannheim, situated in the Rhine-Neckar metropolitan region, will consist of two separate buildings – Spinelli and Flairwood – with a total lettable area of 5,000 m2, including 480 m2 of commercial space. In total, the two buildings will have 45 apartments, with 22 positioned as shared living spaces.
Constructed from sustainable wood, the assets will meet stringent energy efficiency standards and have been designed with a strong focus on sustainability and tenant well-being.
Fabian Manegold, managing director – transactions, Invesco, said: ‘Spinelli and Flairwood are best-in-class assets that we believe will help define the future of sustainability and high-end residential living in Germany. We continue to look for additional opportunities for our growing residential portfolio.’
The deal is Invesco’s fourth acquisition for its European Living Fund in 2021, which launched in August last year. Other transactions include a city centre development in Amsterdam; Bossey, Invesco’s first residential deal in France; and SeiMilano, one of the most significant residential projects in Europe, in Milan.
The European Living Fund is focused on high-grade, turn key residential developments with attractive social and environmental profiles located in strong, growing micro locations in Europe. Assets must meet Invesco’s own sustainability targets of a 3% annual reduction in energy and emissions by 2030 as well as net zero carbon emissions by 2050.
In this transaction, Invesco was advised by GSK Stockmann, Schuster REC and Ernst&Young, Quartiersmanufaktur was exclusively advised by Jones Lang LaSalle on the sale of Spinelli and Flairwood.
