Munich-based Real IS, the property arm of BayernLB, has has acquired the Wöschenhof 2 building in Hamburg for its special real estate alternative investment fund (AIF) Modern Living.
Financial details were not disclosed.
The asset was developed by the seller, Advantum Real Estate Investment, which is also headquartered in Munich.
The building, which was completed in 2020, comprises 119 micro living flats over five storeys. The property represents a refurbishment in line with the KfW 70 standard.
Anchor tenant Bundesanstalt für Immobilienaufgaben (BImA), which lease 5,300 m2 of space, is the landlord of the 119 micro living flats which are let to students of the Helmut Schmidt University. In addition, there are more than 60 car parking spaces and bicycle storage on the 4,350 m2 site.
Savills advised the seller.
'With the Wöschenhof, we were able to help sell an excellent revitalised property which, with the BImA as a well-known tenant, enables a secure long-term cash flow,' said Marcel Wolter, associate director investment at Savills Germany.
Dennis Petersen, director investment at Savills Germany, added: 'Thanks to the excellent public transport links and the close proximity to the Tondo shopping centre, the residential complex offers an attractive environment for the students of Helmut Schmidt University.'
