Commerz Real acquires subsidised residential complex “Seetor Living” in Nuremberg from GBI
Commerz Real has acquired a residential complex, “Seetor Living”, which is to be newly constructed in Nuremberg-Mögeldorf with 97 residential units, from the project developer GBI for its open-ended real estate fund hausInvest. With a total leasable area of approx. 6,000 square metres over six storeys, it is part of the “Seetor City Campus” quarter development which covers nearly 20,000 square metres and which encompasses not only additional apartments, but also office and hotel buildings. The construction of “Seetor Living” is scheduled to begin in January 2021, with the first tenants being able to move in during the second half of 2022. All the apartments will have a patio, loggia or a balcony; in addition 39 underground parking spaces are planned.
With its excellent location and the focus on subsidised accommodation ‘Seetor Living’ ideally suits our fund strategy with its orientation to social sustainability.
Maja Procz, Global Head of Transactions at Commerz Real
“With its excellent location and the focus on subsidised accommodation ‘Seetor Living’ ideally suits our fund strategy with its orientation to social sustainability,” explains Maja Procz, Global Head of Transactions at Commerz Real. Thus the complex is situated in the immediate vicinity of the recreational area at the Wöhrder See reservoir and has local public transport connections to the city’s historic centre and the main railway station. In the neighbouring area there are also crèches, nurseries and kindergartens, as well as schools. Moreover, the apartments are intended for tenants who do not exceed certain income levels under the Bavarian Social Housing Act. In the medium term hausInvest – the second-largest open-ended real estate fund in Germany – plans on investing about 10 to 30 per cent of its current volume of some 16 billion euros in affordable and subsidised accommodation above all. This would amount to some 10,000 residential units. At present their share is 1,600 residential units.
The transaction was structured as a forward funding agreement. This means that Commerz Real initially bought the plot of land and will then pay the purchase price in instalments depending on construction progress. The company was advised on legal aspects of the transaction by Taylor Wessing and on technical issues by the Berlin-based SMV Gruppe.