German investor Primus Valor has purchased a portfolio of properties in five German federal states for its alternative investment fund ImmoChance Deutschland 11 Renovation Plus (ICD 11 R+) for €44 mln.
The deal comprises 17 apartment buildings with 380 residential and 18 commercial units, covering an area of around 23,000 m2.
According to the firm, the assets show potential for development and renovation as well as for rent increases in the medium term. The entire fund portfolio now includes about 900 residential units at 22 locations and is highly diversified.
Including this acquisition, the fund has now made real estate purchases totaling around €130 mln since its launch in July 2021.
The fund initially had a prospective limited liability capital of €40 mln, which was increased to €75 mln as of December 2021. In June, management extended this further to €100 mln.
Said Primus Valor CEO Gordon Grundler: 'With the constant and rapid investment of capital, we are confirming the investment decisions of our investors while at the same time offering new investors the opportunity to get into a fund with an already exciting residential real estate portfolio.
'We owe the renewed increase in the placement volume to the confidence of our investors who decide to invest in property.'
