German property group Patrizia has acquired a residential turnkey project in Hamburg’s Hafencity district, from the residential developer Instone Real Estate for an undisclosed amount.
Patrizia made the off-market acquisition on behalf of its institutional clients.
Scheduled for completion in autumn 2024, Urban.Isle Campus is aimed at students and young professionals and will provide 10,100 m2 of residential rental space across 469 fully-furnished, high quality micro apartments. Amenities include a roof-top terrace with an outdoor kitchen, study rooms and further indoor community spaces with kitchen as well as table football and billard table together with ample bicycle storage for all residents. The finished property will also have 1,400 m2 of commercial space which is already almost fully under lease.
The asset will be built to BEG 55 energy efficiency standard and will also be DGNB silver certificated.
Nathalie Winkelmann, head of fund management residential at Patrizia, commented: ‘This transaction has allowed us to acquire a high quality residential property with a futureproof concept that taps into the demand from students and young professionals for micro living accommodation with excellent transport connectivity.’
Christoph Langmack, head of Acquisitions Residential at Patrizia, added: ‘Urban.Isle Campus’ strong ESG credentials align with our own ambitions, as well as those of our investors, to deliver real estate that is socially and environmentally conscious. Within the past 12 months, two other development projects with a total volume of €220 mln have been signed with Instone. So we already have a strong relationship with Instone Real Estate and we are excited to be working with them on this latest project.’
