Listed housing landlord Industria Wohnen has acquired a German residential portfolio worth €106 mln from the Dutch Ten Brinke Group.
In a statement, Industria Wohnen said that this is the third portfolio acquisition carried out on behalf of its Industria Wohnen Deutschland V open-ended real estate fund, launched approximately one year ago. All three purchases were made from Ten Brinke Group, which is currently also developing new projects jointly with Industria Wohnen in Dresden, Berlin, Cologne, Wuppertal and Mainz.
The portfolio consists of 391 residential units, offering a total living space of 28,800 m2, plus 46 outdoor and 402 underground parking spaces. The units are located in the cities of Mainz, Butzbach and Berlin.
‘About one year after the launch of the fund we have invested €485 mln, and thus almost reached the planned fund volume of €500 mln,’ commented Klaus Niewöhner-Pape, managing director of Industria Wohnen. ‘This shows that we can keep a high score even in a situation characterized by strong demand.’
According to Industria Wohnen, construction of the apartments in Berlin and Butzbach is scheduled to start in autumn 2018 while the Mainz units will be developed from the spring of 2019. Completion is scheduled in 18 to 22 months after the start of construction.