HIH Invest Real Estate (“HIH Invest”) just acquired a residential development in Wuppertal on behalf of the “Deutschland Wohnen Invest” institutional fund from its developer, TEAMRHEINRUHR Projektentwicklung GmbH. The property, which will deliver 5,025 square metres of dwelling floor area, is located on Münzstrasse in the Barmen district. The development will create 60 residential units inside a five-storey building that will meet the “KfW Efficiency House 40 EE” standard. It is supplemented by a listed live-in signal box upgraded to the energy-efficiency standard for heritage buildings (“Denkmal EE”) and 50 garage parking spots with EV charging points. The planning consent is expected to be issued by the end of July 2022, with the building to be completed by mid-2024. The project is part of a new urban quarter that is under development on Sedansberg and that will create multi-family housing units, town houses and terraced houses. “We are investing in a market-consistent, energy-efficient housing mix in Wuppertal whose focus is on two- and three-bedroom apartments and an upscale fit-out standard,” said Nadine Robra, Team Leader Transaction Management Germany, as she elaborated the acquisition.
“The slow pace of construction in Wuppertal and the strong demand for high-quality apartments, especially for families, translates into a persistently attractive investment opportunity for the fund. In addition to the excellent property specifications, factors encouraging the investment include the stable cash flow, the demand pressure as well as the sound structure of the location and the great infrastructure,” said Tom Kircher, Fund Manager at HIH Invest.
Source: hih.de on the 12th of July