Catella Investment Management (CIM) has acquired a residential development project in Bamberg, northern Bavaria, as part of an individual mandate. The seller is Instone Real Estate. The two projected buildings comprise 2,370m2 of residential space and 583m2 of commercial space on the ground floors. The 35 planned residential units are divided into 17 two-room and 18 three-room apartments. Planning permission has already been granted and construction is scheduled to start at the beginning of 2025.
Michael Keune, Managing Director at CIM, said: “Despite the continued challenges of the market environment, we see selective opportunities for residential investments in Germany. With the two residential buildings in Bamberg, we were able to secure two attractive assets for our mandate in a commercially strong environment. The buildings also comply with the ESG requirements of our investors.”
Andreas Zeitler, Managing Director of Instone Real Estate Development, added: “In developing this project, we are making an important contribution to the creation of urgently needed living space. As Instone, we are also taking responsibility for the development of 57 owner-occupied apartments in the immediate vicinity of the 35 rental apartments. The result is a neighbourhood that creates value and quality of life in equal measure. We are looking forward to a successful working relationship with Catella Investment Management.”
The 35 rental apartments are being built to the KfW-55 standard and will feature high-quality floor coverings, such as parquet and porcelain stoneware tiles, underfloor heating and clear room heights of 2.70m. All apartments are easily accessible without barriers, and around 30% of the apartments themselves are completely barrier-free.
The two buildings of Instone Real Estate are part of the final construction phase of the ‘Lagarde 8’ residential project, which will ultimately comprise a total of 237 apartments. ‘Lagarde 8’ is in turn part of the urban district of Lagarde-Campus, which is currently being developed on a 22.5-ha site of a former barracks in the east of Bamberg. In addition to the extensive new construction, numerous listed brick buildings in the barracks area are being renovated and thus preserved. A total of 1,000 new apartments are being built, along with space for commerce, retail and culture.
The new district's energy concept is one of the most innovative in Europe. A heating network 4.0 will ensure the supply of heat, significantly reducing CO2 emissions. In addition, energy from photovoltaics and geothermal energy, low flow temperatures and wastewater heat exchangers will be used.
With its blend of history, university culture and numerous local recreation opportunities, Bamberg offers a unique quality of life in Germany. The city is located around 60km north of Nuremberg and is an important economic centre in the Nuremberg metropolitan region, which has a population of 3.6m.
Image source - bloomimages.
Europe Real Estate — an overview of real estate developments in European countries.
