The Commerz Real, acting in behalf of its open-ended real estate fund Hausinvest, intends to invest around €2bn in residential real estate within the next four to five years. In order to attain this objective, Commerz Real is cooperating with the residential specialist Wertgrund Immobilien, which will be responsible for the entire asset and property management. The purchase decision and fund management remain the responsibility of Commerz Real.
The companies plan to invest in existing properties, new larger construction projects with a minimum volume of approx.€50m in German metropolises and growing medium-sized and university towns. The partnership will focus on affordable residential properties, including publicly subsidised housing.
“Residential real estate is a very interesting asset class and excellently suited to further diversifying the portfolio of hausInvest,” said Andreas Muschter, the Chief Executive Officer of Commerz Real. “On the one hand our investors profit from the experience and market access of a successful specialist such as Wertgrund, on the other hand from the familiar high quality of our fund management.”
“With the capital strength of Commerz Real and our expertise in the field of residential real estate we intend to develop a residential real estate portfolio throughout Germany and Europe in the medium to long term. In this respect, we set great store by partnerships with project developers and local councils above all. The first projects are already in the exclusive acquisition assessment phase,” commented Thomas Meyer, a member of the board of Wertgrund Immobilien.