Primevest Capital Partners acquire German residential scheme for €30m

Primevest Capital Partners acquire German residential scheme for €30m

Primevest Capital Partners has purchased ‘Elisabethgarten’, a 7,800m² residential development in Hildesheim, on behalf of a German pension fund for €30m. The vendor was developer THI Holding GmbHThe project will consist of 89 residential units spread over nine buildings and is scheduled for completion in Q2 2024. Ranging in size from approximately 48m² to 142m², the apartments will have two to four bedrooms each with a terrace, balcony or loggia. A single-storey basement will include an underground garage with 90 parking spaces, storage rooms, bicycle racks and technical equipment. The complex will be constructed around a high-quality communal courtyard.


Victor Ghalayini, Transaction Manager at Primevest CP, said: “This project is a great fit for our portfolio thanks to its excellent location on the east side of the city, which is characterised by residential properties, the newly designed Steingrube Park and lively neighbourhoods. The property will appeal to a wide range of households, including singles and couples as well as families. Demand is particularly strong from the latter due to a good selection of childcare facilities and schools nearby.”


The Elisabethgarten is being built to the energy-efficient KfW-55 EE standard and forms part of the new Ostend city district, located on the eastern outskirts of Hildesheim between the RB79/RE10 railway line. The new neighbourhood comprising some 650 apartments, is being built on the former site of the Mackensen barracks.


Hildesheim city centre is easily accessible, and the location is well connected to the surrounding area via the B1 and B6 and the nearby A7 autobahn. Ostend will also have a direct connection to the public transport network through a dedicated bus stop. Several daycare centres, primary and high schools are situated within approx. 1.5 km of the property and a new square in the immediate vicinity will offer retail and other services along Senator-Braun-Allee.


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