Major German insurance company R+V Lebensversicherung AG has acquired a yet-to-be-built portfolio of 228 residential units near Stuttgart in Germany.
Financial details were not disclosed.
The vendor in the transaction was German residential developer Instone Real Estate.
R+V made the purchase on behalf of its subsidiary, the GWG Group.
The portfolio comprises 18,000 m2 of residential space and 1,200 m2 of commercial premises, in the neighbourhood of Schorndorf. It is due to complete in 2023, with 224 flats and four townhouses and more than 200 parking spaces.
The acquisition is part of R+V’s project to create a national portfolio of residential property holdings in and around economically strong regions.
Welcoming the deal, Andreas Engelhardt, CEO of GWG AG, commented: ‘By acquiring this project in the current competitive market environment, we were able to secure another highly attractive neighbourhood development in the Stuttgart metropolitan region via an off-market transaction on behalf of our client R+V Lebensversicherung AG.
‘Moreover, we have a very strong partner by our side in Instone Real Estate Group, which will develop this complex project to the highest professional standard.’
Andreas Gräf, COO of Instone Real Estate, elaborated: ‘Schorndorf lies only about 26 km east of Stuttgart and therefore inside one of the economically strongest regions of Germany. Schorndorf is an attractive city with great public transport links, offering modern and urban living options within the metropolitan region.
‘The supply in residential accommodation falls well short of demand. We are helping to build up the housing supply with more than 220 flats.’