Capital Bay has bought a residential and commercial property in Hamburg’s Langenhorn district in a forward deal. The purchase price was in the lower two-digit million euro range. The seller was Wall-Immobilienbesitz GmbH & Co KG V, based in Hamburg. Upon completion, the asset will become part of the open-ended Special AIF CB Wohnimmobilien Deutschland.
The scheme, which is currently under development, comprises 48 residential and seven commercial units with a total GLA of close to 4,800m². The five-storey building will feature one- to four-room apartments, an underground car park with room for 26 vehicles and bikes as well as storage space. Large windows, generous balconies, loggias and roof terraces will add to the property’s living comfort. Completion of the project is scheduled for the third quarter of 2019. HIPE is responsible for project development and management of the property. FCN Finanz-Consult Nord brokered the deal.
Christoph Geißler, CFO and CIO of Capital Bay GmbH: “With the new acquisition, we are complementing our residential Special Fund, focused on strong B-cities, with an attractive asset in an A-city such as Hamburg. The project will be offering living space for the entire demand spectrum, from one-room micro-apartment all the way to four-room family flats. The property is located in Hamburg’s North, close to Norderstedt, one of the most important centres of the Hamburg metropolitan region. The area is characterised by a significant demand for apartments.”