German lender Münchener Hypothekenbank eG (MünchenerHyp) said on Wednesday that it is providing acquisition finance to the Deutsche Investment - Wohnen IV open-ended fund managed by Deutsche Investment Kapitalverwaltungsgesellschaft, for the acquisition of 13 residential and commercial properties in Hamburg.
The Downtown Living portfolio comprises 325 apartments with a floor area of some 20,700 m2, 51 commercial units with a usable area of some 7,500 m2 and over 200 underground and outdoor parking spaces. The properties are centrally located in Hamburg and are close to fully let.
The total capital investment is around €136 mln, with MünchenerHyp providing loans of €76.5 mln for the 13 properties and two further properties acquired by the fund last year.
Danish seller, Aalborg-based De Københavnske Ejendomsselskaber, appointed JLL as exclusive agent to sell the portfolio.
Jan Peter Annecke, head of commercial real estate finance at MünchenerHyp commented: 'This loan is very much in line with MünchenerHyp’s strategic aim of offering large-scale loans for portfolios more intensively than in the past. The bank is focusing in this regard on Germany and western Europe, including the UK. In certain cases, we also offer lending for multinational portfolios.'
Florian Mundt, managing shareholder of Deutsche Investment, added: 'Opportunities to acquire such a large and centrally located portfolio in Hamburg are currently very rare.'
The Deutsche Investment – Wohnen IV fund has a target volume of €250 mln. The fund invests primarily in well-located residential properties in the cities of Hamburg and Berlin. 'The capital for further acquisitions is €50 mln. Smaller volumes in the lower eight-digit range may complete this amount,' added Mundt.