European investment manager Primevest Capital Partners (Primevest CP) has acquired a residential development project in Dortmund, Germany, on behalf of a German pension fund, for €23 mln.
The complex of 7,600 m2 consists of 48 privately financed and 29 subsidised apartments and will be built within a newly emerging residential area. The asset will have an underground car park with a total of 64 parking spaces. The project is due to be completed in the third quarter of 2024.
Victor Ghalayini, acquisition manager at Primevest CP, said: ‘The demand for subsidised housing in Dortmund is very high, with limited supply available, so we are pleased to be part of the solution to the city’s housing problem. Since 2013, the population of Dortmund has grown by around 3.5%, due largely to the number of young students and professionals who have moved to the city to work or study. It is difficult for this group of 18 to 30-year olds to find modern and affordable housing and therefore our focus in this project is on two to three-room apartments, which are the most sought after.’
