Invesco Real Estate has acquired a residential development in Germany in a forward funding deal set to complete in Q1 2023. The acquisition is the latest to be made on behalf of Invesco’s European Living Fund. The seller and project developer is Quartiersmanufaktur GmbH & Co. KG, an experienced real estate developer with a strong track record in creating attractive living and urban spaces. Quartiersmanufaktur will complete the building ready for occupancy together with its partner Immprinzip GmbH & Co. KG.
The development in Mannheim, situated in the Rhine-Neckar metropolitan region, will consist of two separate buildings – Spinelli and Flairwood – with a total lettable area of c.5,000m², including c.480m² of commercial space. In total, the two buildings will have 45 apartments, with 22 positioned as shared living spaces.
Constructed from sustainable wood, the innovative assets will meet stringent energy efficiency standards and have been designed with a strong focus on sustainability and tenant well-being which is also reflected in Germany’s KfW-40 Energy Standard. The assets address all population groups uniting all kind of living spaces including apartments in the free-market segment, local rent-controlled apartments, shared living and senior living in two buildings.
Fabian Manegold, Managing Director – Transactions, Invesco, said: “Spinelli and Flairwood are best-in-class assets that we believe will help define the future of sustainability and high-end residential living in Germany. We’re delighted about the partnership with Quartiersmanufaktur and the ability to add this prime development to our European Living portfolio. We continue to look for additional opportunities for our growing residential portfolio.”
Jan H. Eitel, Managing Partner of Quartiersmanufaktur, said: “We are greatly looking forward to the cooperation with Invesco. All our developments are ESG products in their purest form. With our focus on affordable housing, innovative and sustainable construction methods and materials, special forms of housing, existing developments and conversions, we have always had sustainability in our DNA and residents’ satisfaction is what drives us."
William Ertz, Senior Director – Fund Management, Invesco, said: “The role that broad ESG criteria and targets are playing in the evolution of the European residential sector should not be underestimated. Invesco is very clearly focused on leading the market through a portfolio of best-of-breed assets and partners.”
