HIH Invest has acquired nine buildings in Osnabruck, Germany, for its new residential fund. The portfolio was sold by BPD Bouwfonds Immobilienentwicklung. The assets form a part of new neighbourhood development. The buildings, comprising three to four storeys, will offer a total 241 residential units with a combined lettable area of roughly 18,800m². Circa 12%of the flats earmarked for subsidised housing construction. The underground car park will deliver 224 car and 438 bicycle parking spaces, with additional car-sharing spots planned. The purchase price was not disclosed.
Klaus Niewöhner-Pape, member of the Investment Committee Residential at HIH Invest Real Estate, said: “It is impossible to predict the long-term consequences of the coronavirus pandemic. However, it is not without reason that residential investments are considered resilient. Especially the segment of mid-market or low rents is currently a safe bet for institutional investors. This is all the more true for markets characterised by pent-up demand – Osnabrück being case in point."
Nadine Robra, Team Leader Transaction Management Germany at HIH Invest, commented: “The plot is located in a section of the Landwehrviertel locality in the Eversburg district of Osnabrück. Here, on a military brownfield called “Quebec Barracks” of 37 hectares, the largest continuous development area of Osnabruck is being developed. The first construction stages of the quarter, including day nursery and Montessori primary school have already been completed. The new-build quarter offers a family-friendly environment and predominantly flats of two to four bedrooms. In addition to educational facilities, there are businesses that complement the family-friendly residential format.”
