Warburg-HIH Invest has just acquired 62 residential units belonging to neighbourhood development in Wedel near Hamburg from its developer, Bonava Wohnbau. The property located at Rissener Strasse 99 + 101 offers circa 3,320m², 70% of which is earmarked for subsidised housing. It is also planned to create 26 car parking spots. Moreover, the investment includes a day nursery with an effective floor area of 630m². Completion of apartments and the nursery is scheduled for the second quarter of 2024. The transaction took the form of an asset deal within the framework of a forward-funding arrangement on behalf of the “Warburg-HIH Deutschland Wohnen Invest” residential investment fund, which was launched this past spring.
Nadine Robra, Team Leader Transaction Management Germany at Warburg-HIH Invest, commented on the acquisition: “The property development is embedded in sound local infrastructure that includes grocery retailers, schools and restaurants within the immediate vicinity. Worth noting is also that the high-end new flats will be built to the KfW Efficiency House 55 standard, and that a large number of them benefit from public funding. As Hamburg’s city area is expanding, Wedel with its 34,000 residents has become a booming suburb. Extensive woods, the proximity to the River Elbe and to Hamburg’s marina offer a variety of leisure options.”
“The flats are part of our ‘Wedeler Tor’ project. We are planning to create a green, sustainable residential quarter that provides a smooth transition to the outdoor areas next door. The finished property will bear no resemblance to its former self. Especially families will feel right at home here, but so will couples and singles,” said Bonava Project Manager Lydia Rebbereh.
