Capital Bay has acquired a residential and office development in Ahrensburg near Hamburg in a forward deal from GfG Hoch-Tief-Bau. The company thus secured a second asset for a private placement for a pension fund. The building, which will have a total rental area of approximately 3,060m², is located on the “Erlenhof-Sud” plot. It includes six commercial units with around 900m² as well as 48 residential units, seven of which are senior-friendly apartments and 30 furnished apartments for students and young professionals. Construction starts in October 2018, and the project is scheduled for completion by January 2020. The purchase price was not disclosed.
Ahrensburg is situated just under 30 kilometres north-east of Hamburg’s inner city. With a population of more than 34,400, it is the largest town in the Stormarn district. Ahrensburg has a direct connection to the A1 motorway and is located on the railway line between Hamburg and Lübeck. It is also linked to Hamburg’s underground railway network. In February, CapitalBAY had already acquired a 4,600m² residential and office development on the same site, which is scheduled for completion in November 2018.
Ralph Ziegler, Managing Partner of CB Transaction Management GmbH, said: “Our second forward deal in Ahrensburg marks the continuation of our growth strategy in the residential sector, especially in the micro-living segment. The transaction confirms our assessment that market demand for high-quality residential properties in Germany remains very high. The commercial units will help improve the infrastructure in this attractive new neighbourhood. As a fast and reliable partner, we were able to secure this deal.”