GARBE Institutional Capital has acquired three resi properties on behalf of the "GARBE European Residential Fund" (GARBE EUResi) together with the capital management company (KVG) INTREAL. The properties are located in the German capital Berlin as well as the mid-sized cities of Weimar in eastern and Flensburg in northern Germany. The total investment volume amounts to approximately €110m.
The property in Berlin's Blockdammweg will comprise 104 flats with 8,155m² of GLA. The flats are designed for families as well as single- and two-person households. Industria Wohnen sold the asset to GARBE Institutional Capital while a renowned real estate developer is responsible for its completion, which is scheduled for early 2024. The property is part of the urban development project "Parkstadt Karlshorst" in southeast Berlin.
In Weimar, GARBE Institutional Capital acquired a real estate development including 144 flats with a combined 10,559m² of GLA from Industria Wohnen in the urban quarter project "Kirschberg-Quartier". One of Europe’s largest residential real estate developers is responsible for the completion of the asset in the Wolfgang-Borchert-Bogen. In addition to 500 flats and condominiums, the "Kirschberg-Quartier" will also include a medical centre, a local grocery store and a day-care centre.
The asset at An der Friedenskirche in Flensburg was sold by Bauplan Nord Group and will comprise three structures with a total of 42 flats and 3,993m² of GLA. It is part of the urban development project "Wohnpark Muhlental" which encompasses 160 flats and condominiums. A day-care center, a primary school, and a shopping center are situated next to the urban development.
Michiel Dubois, Managing Director of GARBE Institutional Capital, said: "We secured attractive core properties for our pan-European residential real estate strategy through three transactions. We focus on well-integrated urban locations which are characterised by appropriate social infrastructure, local suppliers and connections to public transport."
