German property developer-investor Primus Valor has announced the purchase of a residential portfolio with 448 units from the Immovation group for €45 mln.
The acquisition was carried out on a 50-50 basis on behalf of the firm's ImmoChance Deutschland Renovation Plus no. 9 and 10 investment funds.
'The current development in the real estate market under the impact of the coronavirus shows especially clearly how fundamental residential property is for our society. The sold portfolio consists almost exclusively of residential real estate. The great interest shown by investors in acquiring the properties shows yet again that investments in residential real estate in selected locations in particular are a comparatively reliable investment, even in changing market conditions,' commented Lars Bergmann, chairman of Immovation, and Sascha Müller, CEO of the fund companies.
The Primus Valor ICD 10 R+ fund, which has been in placement since January 2020, has acquired a sub-portfolio with properties in Lahr (Baden-Württemberg), Kassel (Hesse), Rendsburg (Schleswig-Holstein), Lippstadt (North Rhine Westphalia) as well as in the Lower Saxony towns of Alfeld and Bergen. The vehicle bought 176 residential units with a total of 14,700 m2 of living space for €22 mln.
Fund n. 9 bought another sub-portfolio with units located in Lünen (North Rhine Westphalia), Schwerin (Mecklenburg Western Pomerania), Erfurt and Meiningen (Thuringia), Burgkirchen (Bavaria) as well as Kassel for around €22 mln. The 272 residential units providea total living space of around 16,400 m2.
Primus Valor has around 5,000 residential units under management and a total investment volume of about €900 mln.
