European investment manager Primevest Capital Partners (Primevest CP) has purchased ‘Elisabethgarten’, a 7,800 m2 residential development in Hildesheim, on behalf of a German pension fund for €30 mln. The vendor was developer THI Holding GmbH & Co. KG.
The project will consist of 89 residential units spread over nine buildings and is scheduled for completion in Q2 2024.
Victor Ghalayini, transaction manager at Primevest CP said: ‘This project is a great fit for our portfolio thanks to its excellent location on the east side of the city, which is characterised by residential properties, the newly designed Steingrube Park and lively neighbourhoods. The property will appeal to a wide range of households, including singles and couples as well as families. Demand is particularly strong from the latter due to a good selection of childcare facilities and schools nearby.’
Catella Property Consultants GmbH advised the transaction on behalf of the seller.
CMS Hasche Sigle (LDD) and Drees & Sommer SE (TDD) advised Primevest CP on the acquisition.
