Commerz Real Capital Management, acting for its “CR Institutional Smart Living Fund”, has purchased the student accommodation Hain114 and the neighbouring sheltered housing for the elderly in Hanover. The seller of the properties at Schulenburger Landstrasse 114 and Voltmerstrasse 71c, respectively, is the project development company Aragon Immo Project. The total investment volume is c. €36m. The sheltered housing for the elderly was completed at the end of 2018; the student accommodation is to be opened in time for the start of the 2021 winter semester. Cube Life, a subsidiary of Cube Real Estate, has been commissioned with the management of the two properties.
The 5,750m² 13-storey Hain114 was built to plans drawn up by the architect Max Dudler and will comprise 241 furnished apartments accommodating 255 students. The students can also make use of 37 car parking spaces, 200 protected bicycle parking facilities, as well as a roof terrace and common areas.
The neighbouring sheltered accommodation for senior citizens comprises a building with 27 barrier-free apartments constructed to the KfW 55 energy efficiency standard and eleven car parking spaces. The nearby central area of the “Hainholzer Mark” district is easily reached on foot and has a number of shopping facilities, amenities and gastronomy offerings. Johanniter-Unfall-Hilfe will provide care services in the complex.
“As special residential forms that will see high demand in the future both student accommodation and sheltered housing for senior citizens are ideally suited to the investment strategy for our Smart Living Fund,” explained Johannes Anschott, the board member at Commerz Real responsible for institutional business. “Furthermore, Hanover is a growing metropolitan region. Alongside the service sector with state offices, local government agencies and the trade fair, the manufacturing sector with a number of renowned companies such as Continental, VW and Siemens forms a solid economic basis for purchasing power that is higher than the national average.”