Primevest Capital Partners acquires residential development in Peine, Germany for a south German pension fund

 
 
Dutch-German investment manager Primevest Capital Partners has purchased an eight-building residential development in Peine on behalf of a German pension fund. The development, at Gunzelinstraße 12a – 16b, comprises 97 residential units totalling some 7,730 sqm of lettable space.

The seller is Graf Gunzelin UG & Co. KG, a subsidiary of Berlin-based MHMI Immobilien-Verwaltungen GmbH.

Danica Cicmil, Fund & Acquisition Manager at Primevest Capital Partners said: “This development in the growth region of Lower Saxony will offer young families and older people alike attractive and affordable accommodation in modern, purpose-built apartments within a 10-minute walk of Peine’s city-centre amenities. This fundamentally sound investment for our client is supported by forecasts which show that Peine’s 50,000-strong population is expected to grow significantly while the town is currently experiencing a housing shortage.”

Peine is a mid-sized town located some 40 kms east of Hannover and 25 kms to the west of Braunschweig. The Gunzelinstraße development is being constructed on the site of a former indoor swimming pool. The eight, four-storey buildings will incorporate one- to four-room residential units, ranging in size from 40 to 120 sqm, all with balconies or terraces, and accessible by lift. Residents will have access to shared communal gardens and a children’s playground. The property will also include a total of 128 parking bays, 68 of which will be situated in an underground car park. The city centre is 900 metres to the north-east and several supermarkets and schools are located nearby.

The building has been constructed to very high sustainability standards in line with the German KfW-55 regulation, a high standard energy building.

Primevest Capital Partners was advised by law firm CMS Berlin and by DGI Real Estate Management & Advisory GmbH on technical matters. Neopolis Advisory acted as consultant on the transaction. Hannover-based law firm Bethge Rechtsanwaltgesellschaft GmbH acted on behalf of the vendor.

About Primevest Capital Partners
Primevest Capital Partners is a pan-European investment boutique that specializes in innovative real estate and property investments. Due to the extensive industry knowledge with a focus on specialized investment sectors such as parking, telecommunications and affordable, contemporary living, Primevest Capital Partners has developed into a leading provider in these areas. Our top priority is to achieve attractive risk-adjusted returns for our customers. In doing so, we pay attention to sustainable income and value creation. Primevest Capital Partners currently manages assets of €1.8 billion, spread across six sector-specific funds and three individual institutional mandates. Primevest Capital Partners currently has 40 employees at its locations in Utrecht and Berlin.

For more information, please contact:
Primevest Capital Partners
Lisette van der Ham
Head of Marketing & Corporate Communications
T: +31 6 832 005 61
lisette.vanderham@primevestcp.com
www.primevestcp.com

 

Transfer of Holland Park Block 20 to Primevest Capital Partners

 
 
On March 11, 2020, the newly completed residential building Block 20, located in the attractive Holland Park development area, was handed over to Primevest Capital Partners which acts on behalf of a German pension fund.

The property in Diemen, just 5 kilometers below Amsterdam, was acquired in 2016. The original completion was scheduled for spring 2018. However, construction was delayed due to the insolvency of the initial contractor. Based on the existing Woningborg insurance that guaranteed the completion of the building, the selection of a new construction company began in October 2018. The first protective measurements took place afterwards. Thanks to the good cooperation with Woningborg and the selected new contractor, HSB Bouw, construction was able to be continued from spring 2019 onwards.

The first tenants have moved in on 20 March 2020. The property consists of 112 apartments with sizes between 49 m² and 131 m² (total living space of 8,078 m²) and 67 parking spaces. Letting activities started in February which led to an occupancy rate of 93% upfront. All apartments have balconies or roof terraces, bathrooms and fitted kitchens. The property is in high demand due to its design, the high quality of the building, but also due to its excellent connections to Amsterdam (underground and regional train station within 5 minutes walking distance), making it a sustainable investment.

About Primevest Capital Partners
Primevest Capital Partners is a pan-European investment boutique that specializes in innovative real estate and property investments. Due to the extensive industry knowledge with a focus on specialized investment sectors such as parking, telecommunications and affordable, contemporary living, Primevest Capital Partners has developed into a leading provider in these areas. Our top priority is to achieve attractive risk-adjusted returns for our customers. In doing so, we pay attention to sustainable income and value creation. Primevest Capital Partners currently manages assets of 1.6 billion euros, spread across eight sector-specific funds and two individual institutional mandates. Primevest Capital Partners currently has 40 employees at its locations in Utrecht and Berlin.

For more information, please contact:
Lisette van der Ham
Head of Marketing & Corporate Communications
lisette.vanderham@primevestcp.com
www.primevestcp.com