German developer Becken has sold a residential project in Hamburg to Bayerische Ärtzeversorgung, Bavaria's insurance fund for medical professionals, in a forward-funded deal.
The Charlie-Mills-Quartier comprises a six-storey block of 274 apartments as well as four commercial units, on the corner of Friedrich-Ebert-Damm and Charlie-Mills-Straße, in the city's Farmsen district.
The project is due to be delivered in the second quarter of 2021 and includes 56 affordable homes, which will be let at a maximum rate of €9.50 per m2. The sale price was not disclosed, but Becken's total investment volume was €96 mln.
Dieter Becken, managing partner of Becken Holding GmbH, said: 'We have voluntarily committed ourselves to 20 percent of the housing units having a maximum net rent of €9.50 per m2 to supply the Hamburg rental market. It was important for me that the future owner took over our voluntary commitment. In Bayerische Ärzteversorgung we have found a reliable partner.'
'The high-specification fittings in the apartments and well thought-out floorplans of the rental units, as well as the proportion of rental price-linked apartments, made it an attractive investment for us,' Norman Fackelmann, divisional manager of capital real estate management at BVK, which represented Bayerische Ärtzeversorgung in the transaction.
Jones Lang LaSalle advised Becken on the sale, while trûon Rechtsanwälte provided legal advice.
