CapitalBAY, acting for its new micro-living fund, has acquired a serviced apartment building in Munich. The seller is a joint venture between SEG Development and Bull Capital. CB Micro Living will take over operations of the property on a long-term mandate. Located on a 5,300m² plot in Munich’s Freiham district, the asset comprises 331 serviced apartments with living space of between 18 and 33m². The units are fully furnished and equipped with their own kitchens. As well as a fitness zone, laundry rooms and spacious communal areas, the apartment building also has a bar with a terrace, a restaurant and a breakfast room.
“We have secured a property in a top location in a highly competitive market,” explained Alexander Kersting, Managing Partner and Director of CB Micro Living. “Demand for serviced apartments is extremely high in Munich – due to a short supply of small yet high-end homes. We, therefore, expect occupancy to be continuously high.”
“We have taken a first major step in the growing micro-living market and will build on this in the long term. Two more properties in similarly attractive locations are currently in the purchase phase,” said Christoph Geißler, Chief Investment Officer of CapitalBAY.