Catella Wohnen Europa has acquired a development of 90 affordable and fully-serviced apartments for around €10.5m in Bochum, in the most populous federal state of North Rhine-Westphalia. The residential project is targeted primarily at young professionals, offering tenants flexible short- and long-stay options. It is operated under the STAYERY brand. The seller is Cologne-headquartered Kreer Development, which is scheduled to complete the project by mid-2024.
Michael Keune, Managing Director CRIM, said: "Young people want flexible living options in Germany's growth cities and Bochum attracts many younger businesspeople and digital nomads looking for a vibrant university city with a flourishing business environment that is also very close to other Ruhr region’s large economic centers of Essen and Dortmund. We’re playing our part by investing in high-quality and well-located housing stock, and STAYERY offers this target group attractive long and short stay options in the old industrial heartland of the Ruhr metropolis, now also recognized as one of Europe’s liveliest cultural landscapes. The long-stay element of the project, in particular, is expected to ensure a high occupancy rate and provide long-term stable cash flow for investors."
The apartment building will have a rentable area of around 3,000m² including communal areas and co-working office space of around 315m² constructed on a 1,270m² plot. There will also be 25 underground parking spaces. The new building is aligned with the KfW 55 standard, meaning the development only consumes 55% of the primary energy required by a comparable reference building, according to the domestic German Building Energy Act.
The project is located on the brownfield site of the former Monninghoff automotive supply factory, which has moved to a new production complex allowing the area to be developed into a modern urban quarter within the Ehrenfeld district in the southern Wiemelhausen area adjoining Bochum’s city center. Ehrenfeld offers numerous cultural locations and restaurants as well as shops catering to young adults. The development has excellent public transport connections with the Bochum-Ehrenfeld S-Bahn (suburban rail) station within walking distance and the city’s main train station is about one kilometer. Essen and Dortmund can be reached in under 15 minutes by train.
Benjamin Ruther, Head of Fund Management CRIM, added: "Flexible living is the order of the day for young professionals, and this new development combines the comfort of an apartment with the convenience of additional services, delivering the right concept to attract young professionals.”
