The IMMOVATION Group has sold a residential portfolio of 577 units with a total area of nearly 38,300m² in Heidenheim an der Brenz (Baden-Württemberg) to Capital Bay GmbH (Berlin). The purchase is the largest residential transaction for Capital Bay so far. The company was just founded in late March 2016. The purchase was consulted by Engels & Völkers Investment Consulting GmbH.
Aside from the 577 residential units, two commercial units are also included in the Heidenheim real estate portfolio. Nearly 40% of the residential units (230) have been renovated by the IMMOVATION Group in recent years. In addition, windows, roofs, staircases and exterior facilities were refurbished by the end of 2014. The facades of the building, which were constructed between 1959 and 1962, have been refurbished as well.
Heidenheim – the county seat of the county Heidenheim – is the third largest city in the East Württemberg region with approximately 46,000 residents and is the catchment area for roughly 160,000 inhabitants. The city is known for its industrial tradition and has the reputation of being a modern location for industry with numerous medium-sized businesses. According to IMMOVATION AG Management Board member Lars Bergmann, the location will continue to offer possibilities of development to the investor in the future.
“This transaction is a perfect fit for Capital Bay. Our investment portfolio is concentrated on properties in B or C locations with solid growth opportunities. This was the case in Heidenheim,” adds George Salden, the founder and CEO of Capital Bay.
