Hamburg-based asset and investment manager MPC Capital has acquired a new construction project in Nauen in the Berlin metropolitan region for €38 million.
MPC Capital purchased the project from Gronau-based developer Vastbau for its ESG Core Residential Real Estate Germany fund.
The property on Brandenburger Strasse consists of seven multi-family buildings with 106 residential units and 127 parking spaces.
The rentable living space amounts to around 8,600 m2 and completion is scheduled for the end of 2024.
The project is being built to KfW-40 EE standard and meets extensive ESG criteria, which are a prerequisite for an investment by the fund.
Christoph J. Thumm, managing director real estate at MPC Capital: ‘We are very pleased to acquire this project for our fund in a challenging market environment. It has successfully passed our ESG scoring process and fits ideally into our portfolio. We are convinced that even in a tight overall market, energy-optimized residential real estate projects in metropolitan locations of major German cities will enjoy sustained success. They offer a good balance between affordable housing and stable returns.’
Nauen is a growing city in Berlin's metropolitan area and has all facilities for daily needs, various educational institutions, cultural and medical facilities.
Berlin's main train station can be reached in about 40 minutes by regional express, while Berlin-Spandau station can be reached in 20-25 minutes.
The ESG Core Residential Real Estate Germany fund invests exclusively in real estate projects that meet specific requirements based on energy, social and corporate ethics aspects.
Engel & Völkers Commercial advised the seller and buyer, while GSK Stockmann and CP Hamburg provided legal and technical support for the transaction.
