Corpus Sireo Real Estate has acquired a German residential portfolio on behalf of a pension fund mandate it received last summer. The portfolio is geographically diversified and consists of both existing buildings and new developments. The company will further invest c.€300m in the portfolio over the next three to five years.
Among the properties acquired by the company is a part of a portfolio is a new-build project in Ehrenfeld, Cologne. The asset is currently under construction with the completion scheduled for December 2018. The seller is the Düsseldorf-based project developer “Die Projektisten”. The five-story corner development will contain 91 fully furnished apartments with a total living space of 2,620 m2, a 555 m2 day-care facility and an underground garage with 27 parking spaces. Catering to the needs of its target group (students and young professionals), the building will contain seventy-nine 1-room apartments, eleven 1½–2-room apartments and one 3-room apartment. The units feature modern furnishings and fitted kitchens. The day-care facility has been rented for 20 years to a market-leading day-care facility operator. The location enjoys excellent public transport links, and numerous bars, restaurants, clubs and cultural/artistic institutions can be easily reached on foot.
The second project acquired is located in the new Bremen district of Überseestadt. The property is expected to be completed bt the end of 2019. The seller is Kontorhaus KSS GmbH. In both cases, it has been agreed not to disclose the purchase price. The building will contain 58 residential units, 2 commercial units and an underground garage with 32 parking spaces. The building will feature compact 2- and 3-room apartments of between 51 and 71 m2. The property is an energy-efficient construction built to KfW 55. It is aimed at a broad target group including everyone from singles to families. Access to and the layout of the apartments are disabled-friendly.