The open-ended real estate fund Bouwfonds European Residential of Bouwfonds REIM is adding residential buildings in Germany and Denmark to its real estate portfolio. The total investment volume is over €55.9 million.
In the Nordweststadt district of Karlsruhe, Bouwfonds REIM has purchased a furnished student complex of 155 apartments - a newly built property completed in June 2013. This is the fund’s first acquisition in Karlsruhe, which is home to 40,000 students and nine higher education establishments. The vendor in the transaction, which is worth around €11.5 million, is Wohnbau Blumenwinkel Bauträger GmbH.
Bouwfonds European Residential Fund has also added two new acquisitions in and around Copenhagen to its Danish portfolio, which now comprises five properties. The steadily growing population is creating strong housing demand in the Danish capital.
In the Valby district in the southwest of the city, a four-story complex of 98 apartments has been acquired from Danish property developer DFE A/S. The new building was completed in March 2013.
The investment volume is €28.7 million and the gross initial rate of return is 6.2%. In the suburb of Søborg, to the northeast of Copenhagen, a block of 56 residential units, built in 2012, has been bought from Danish property developer Sjaelsø for approximately €15.7 million, with a gross initial rate of return of 6.3%.