Germany's Kingstone Real Estate has acquired a micro-living residential project in the Bavarian city of Ingolstadt under a forward funding deal with its developer, an entity belonging to the Engelhardt Real Estate Group.
Financial details were not disclosed.
The Donau Side studio apartments scheme will cover some 8,500 m2, including 201 business apartments and 42 student apartments, along with a daycare centre and outdoor playground. It will also have a fitness room and 216 parking spaces.
The project was acquired on behalf of its Kingstone Wachstumsregionen Süddeutschland II (KWS II) fund.
This sustainable residential property fund is aimed at institutional clients and invests in growth regions throughout southern Germany. Launched in 2020, it has a total target size of between €350-€400 mln.
The project is scheduled to be completed in the second quarter of 2024. DGNB Gold certification is being sought for the building.
Tim Schomberg, managing partner and CEO of Kingstone Real Estate said: 'For KWS II, we seek out high-quality, sustainable, development projects in southern Germany’s growth regions.
'The ‘Donau Side Studio Apartments’ complex is an attractive long-term investment for our clients in a stable, rapidly growing market segment. The forward deal with Engelhardt Real Estate Group illustrates our ability to place capital quickly and effectively.'
Added Uwe Seybert, chief operating officer of Engelhardt Real Estate Group: 'We are delighted that Kingstone Real Estate has been so enthusiastic about investing in our project, and we look forward to completing this sustainable project together with them.
'The project marks another milestone within our core asset business, and we will continue to work through to completion with commitment and pride.'
Kingstone Real Estate was advised on the transaction by Arnecke Sibeth Dabelstein (legal and tax), Brand Berger (technical) and Agradblue (ESG due diligence).