Patrizia AG has acquired a residential turnkey development opportunity in Hamburg, Germany, from the residential developer Instone Real Estate. Scheduled for completion in autumn 2024, Urban.Isle Campus is aimed at students and young professionals and will provide 10,100m² of residential rental space across 469 fully-furnished, high-quality micro-apartments, with an average size of 23m². Amenities include a roof-top terrace with an outdoor kitchen, study rooms and further indoor community spaces with the kitchen as well as table football and billiard table together with ample bicycle storage for all residents. The finished property will also have 1,400m² of commercial space which is already almost fully under the lease.
ESG has been a key consideration throughout the development. The asset will be built to BEG 55 energy efficiency standard and will also be DGNB silver certificated, in line with Patrizia’s requirements. From a social perspective, the building will provide rental space to the local volunteer fire brigade as well as 22 apartments for “Lebenshilfe”, a German charity that helps people with disabilities lead independent lives.
Nathalie Winkelmann, Head of Fund Management Residential at Patrizia, commented: “This transaction has allowed us to acquire a high-quality residential property with a futureproof concept that taps into the demand from students and young professionals for micro-living accommodation with excellent transport connectivity.”
Christoph Langmack, Head of Acquisitions Residential at Patrizia, added: “Urban.Isle Campus’ strong ESG credentials align with our own ambitions, as well as those of our investors, to deliver real estate that is socially and environmentally conscious. Within the past 12 months, two other development projects with a total volume of circa €220m have been signed with Instone. So we already have a strong relationship with Instone Real Estate and we are excited to be working with them on this latest project.”
