German housing company Wohnbau Bonn has acquired a rental project in Berlin from Swedish residential developer Bonava for SEK 245 mln (€24 mln).
The transaction comprises 124 rental apartments across two buildings and the project is expected to be handed over to the investor in the second quarter of 2021.
'Berlin is expanding and there is a major need for affordable housing for people in all stages of life. This transaction with Wohnbau Bonn, our first with the company, enables us to play a part in fulfilling this need,' said Joachim Hallengren, president and CEO of Bonava.
'Of the 124 rental apartments, 99 have been assigned to the Berlin supporting model for low-income tenants,' Hallengren added.
The rental apartments will form part of the new Hugos neighborhood that is taking shape in the Mariendorf district of Berlin. In total, the neighborhood will comprise 450 homes for single people, couples and families.