A La Française collective real estate investment vehicle, represented by La Française Real Estate Managers, has acquired its first Micro-Living building, operated by Hood House, from the developer SICON Hospitality GmbH.
The property is located at Am Poßmoorweg 6, in a sought-after residential area of Hamburg, and offers state-of-the-art serviced living space. It is situated in the established and renowned submarket of Winterhude.
The re-development project of a former office building into a modern, serviced, six-storey living space commenced in 2019 and was recently completed in June 2021. The interior was fully refurbished, and the façade was partially renewed by the owner. It offers 5,301 m2 of floor space and a total of 148 apartments (18–43 sq m per room) for short and long-term stays of up to six months, as well as a restaurant area on the ground floor. The basement level, comprised primarily of technical and storage space, offers a total of 17 parking spaces. Furthermore, in order to reduce energy use and associated costs, the building has a rooftop solar water heating system.
The Micro-Living building is fully let to the operator, Hood House GmbH, a subsidiary of Sicon GmbH, who operates similar properties throughout Hamburg.
Mark Wolter, Managing Director of La Française Real Estate Managers - Germany, says: “We are delighted to secure our first micro-living asset in Germany. This acquisition is perfectly in line with our strategy to diversify our German real estate portfolio with assets that perform well relative to Environmental, Social & Governance criteria. Furthermore, the asset offers a solution to changing consumer-user behaviour, as communal living space becomes more sought after. We are confident in the long-term attractiveness of the property itself, as well as the asset class”.
La Française Real Estate Managers was advised by Norton Rose Fulbright on legal aspects and by Witte Projektmanagement GmbH on technical Due Diligence and project monitoring. Savills Immobilien Beratungs GmbH and Pankow Consulting GmbH advised the vendor.
Source: propertyfundsworld.com on the 1st of September