Hamburg-based HIH Invest Real Estate has acquired a recently completed residential development on behalf of its Deutschland Wohnen Invest fund.
The mixed residential/retail building is located in Rottweil, a city in the German state of Baden-Württemberg, and consists of a gross lettable area of 2,030 m2, divided into two 28 residential units.
The two, three and four-bedroom apartments range from 60 to 100 m2 and are targetted at both families and singles, who also have 29 underground parking spots at their disposal.
Nadine Robra, team leader Transaction Management Germany at HIH Invest, commented: ‘Both the city and the district of Rottweil currently show a short supply in as-new rental apartments, and pent-up demand has built up to a considerable volume as a result.’
Tom Kircher, fund manager at HIH Invest, said: ‘In recent years, the district of Rottweil has registered a steady upward growth in population, and the trend is set to continue through 2030. One of the driving factors is the need for options to work from home in the wake of the Covid-19 pandemic, which has stimulated the demand for housing in rural areas close to the outdoors and with convenient transport links to nearby cities.’
Ansgar Pape, member of the Investment Committee Residential at Warburg-HIH Invest, added: ‘The family-friendly housing estate created in Rottweil lives up to the high sustainability standards we set: market-consistent, generously proportioned apartments with convenient transportation access. The incoming tenants will therefore benefit from short distances and—at least as important—from a socially responsible rent level.’
Drugstore Drogerie Müller already moved into the commercial unit on the ground floor, which extends over 1,860 m2.
The 12-year lease includes 66 underground parking spots as well as six surface and two visitor parking spaces.
The development is within walking distance of the historic town centre of Rottweil, and the surrounding area includes day nurseries, schools and grocery retailers, a wide variety of green spaces and park areas, as well convenient public transportation access.
Rottweil has access to both the regional railway and road networks, including the A81 motorway and a number of federal routes, while Stuttgart airport is 60 minutes away.
Due diligence was provided by Heussen Rechtsanwaltsgesellschaft, Ernst & Young Real Estate and Arcadis Germany, while iib Institut Innovatives Bauen Consult advised the buyer on location.