Primevest Capital Partners has acquired a residential development in the city of Saarbrucken, Germany, from Hauser und Thiery, for approximately €15m. The project is scheduled for completion in the second quarter of 2022.
The 4,500m² complex, formerly occupied by Sparda-Bank Sudwest, is located on the corner of the Beethovenstrasse and Sulzbachstrasse. in the heart of the inner-city district of St Johann. It comprises three historic office buildings dating from 1909/1910 which are being converted into a residential complex with commercial units on the ground floor. The first floor totalling ca. 650m² is already rented to a physiotherapy practice. The transformation will be carried out in strict accordance with the municipality’s regulations for the preservation of historic monuments.
Upon completion, the complex will provide 78 residential units across five floors and up to three commercial units on ground level. The apartments range in size from 22 to 111m², with an average of 47m². In addition, there will be 26 car parking spaces, some with EV charging points, and 167 bicycle parking spaces together with communal laundry, and storage space totalling 260m² in the basement. After the renovation, the residential building will meet the energy requirements of an ‘energy-efficient monumental house’.
Danica Cicmil, Fund & Acquisition Manager at Primevest CP, said: “Primevest Capital Partners sees great potential in the city of Saarbrücken due to its geographic location, well-developed education sector and the strength of its economy which make this development a compelling investment proposition. It is also rewarding to be involved in the restoration of these historic buildings and bringing them back to life while providing much needed modern and affordable accommodation for families and young people.”