German investment firm Commodus has acquired the residential construction business of the Bavarian P&P Group, in a joint venture with Munich entrepreneur Daniel Günthert.
Financial details were not disclosed.
According to Commodus, the deal includes 15 residential construction projects which will be brought to completion.
The operating company's name has been changed to Bayerisches Immobilien Kontor GmbH (Bayiko), and the business will also seek out new development opportunities, the firm said.
'We have acquired an established regional firm with a long and successful track record and an outstanding team of experts,' said Dr Matthias Mittermeier, managing partner of Commodus. 'Together we want to develop Bayiko into an independent platform for real estate investors with a focus on private equity investment. Target customers are primarily private investors.'
The ongoing residential construction projects in Bayiko’s portfolio are focused on the metropolitan area of Nuremberg, including the cities of Nuremberg and Fürth, the towns of Herzogenaurach and Zirndorf, and the city of Schweinfurt. Three projects are under construction, while a further seven have been approved for construction or are currently going through the approval process, Commodus said, with further land purchases planned.
The projects currently under construction include Askren Manor in Schweinfurt, a former US Army housing estate where 144 new apartments are being created.
'Bayiko covers the whole project development value chain – from planning and development all the way through to sales,' said Philipp Horsthemke, managing director of Commodus. 'We would like to expand Bayiko's project portfolio nationwide with further land purchases and support this process as an equity partner.'