Commodus, acting in a joint venture with Munich entrepreneur Daniel Gunthert, has acquired the residential construction business of the Bavarian P&P Group. In addition to the previous P&P Wohnbau, the transaction also includes 15 project companies. The operating company runs now under the name Bayerisches Immobilien Kontor (BAYIKO). The assets in BAYIKO’s portfolio are located in Nuremberg, Furth, Herzogenaurach, Zirndorf and Schweinfurt. Three projects are under construction, while other further seven have been approved for construction or are currently going through the approval process. The purchase price was not disclosed.
“We have acquired an established regional firm with a long and successful track record and an outstanding team of experts,” said Dr Matthias Mittermeier, Managing Partner of Commodus. “Together we want to develop BAYIKO into an independent platform for real estate investors with a focus on private equity investment. Target customers are primarily private investors. BAYIKO should enable these investors to invest in real estate in a simple and transparent way. We are lowering entry barriers and giving private investors broader access to the property investment market. In times of no or negative interest rates, this seems to us to be a promising growth segment.”
“BAYIKO covers the whole project development value chain – from planning and development all the way through to sales,” said Philipp Horsthemke, Managing Director of Commodus. “BAYIKO has the potential to be the first port of call for private real estate investors in search of stable investments. We would like to expand BAYIKO's project portfolio nationwide with further land purchases and support this process as an equity partner.”