After the successful transaction in October 2016, the PI Pro·Investor Group has sold additional parts of its property portfolio from the property funds PI Pro·Investor Immobilienfonds 1 and PI Pro·Investor Immobilienfonds 2 to the Berlin-based Capital Bay GmbH in an asset deal. The portfolio sold consists of 19 properties in Hanover city centre comprising 754 homes, 42 commercial units and the accompanying garages and parking spaces. The total lettable space amounts to over 52,500 m². The Krasemann Immobilien Group, Hanover, sourced, acquired, modernised and optimised (via property management) the properties sold on behalf of the fund companies. In addition, it handled the process as ordered right up to the sale, thus making a significant contribution to the success of the PI Pro·Investor property funds.
“We are very pleased that we have sold another portion of our attractive fund portfolios. The portfolios have consistently generated above-average returns for their 722 investors and constantly exceeded expectations,” said Klaus Wolfermann, Managing Partner at the PI Pro·Investor Group.
“The portfolio is of high quality and boasts stable occupancy thanks to good management,” added Ralph Ziegler, Managing Director of CB Transactionmanagement GmbH. “Hanover is also a very stable secondary city with a high nominal rent level and a positive population forecast. The residential rental market is effectively at equilibrium with a vacancy rate of 1.9%. For this reason, we see further potential in reducing the current vacancy of around 4% to the level of the market. We have acquired a product with stable cash returns that is suitable for investment.”
Due to the more attractive opportunity/risk profile in residential property, Capital Bay will remain active in German secondary and tertiary cities. PI Pro·Investor is also continuing its successful investment strategy with the investment product ‘PI Pro·Investor Immobilienfonds 3’.
