Commerz Real acquires new construction of residential complex in Bonn for special property fund
Student and apartment building with investment volume of more than 30 million euros
Located close to city centre and within walking distance of universities
Commerz Real Kapitalverwaltungsgesellschaft (KVG) has purchased a student and apartment building in Bonn for its special property fund “CR Institutional Smart Living Fund”; the building is to be newly constructed and has a total investment volume of approx. 30.3 million euros. The seller is the project development company Kreer Projekte, which is domiciled in Cologne. The acquisition by Commerz Real was structured as a forward deal. This means that Kreer initially erects the property as a turnkey building for its own account and Commerz Real then pays for it following completion and acceptance.
"Bonn is an attractive university and business location with several DAX companies and nearly 16,000 small- and medium-sized enterprises", explains Johannes Anschott, the member of the board of Commerz Real responsible, among other things, for institutional business.
The residential complex with the address Jonas-Cahn-, Ecke Nideggerstraße is located in the Weststadt district which borders on the city centre and is due for completion at the beginning of 2019. It will encompass a rentable area of 5,379 square metres with 288 apartments, 116 underground car parking spaces and 304 bicycle stands. In addition, communal areas and a so-called learning lounge are foreseen. The apartments are sized between 18 and 31 square metres with a high-quality fit-out. Within walking distance are not only stores and facilities to meet daily needs, but also the Endenich campus and the Poppelsdorf campus of the University of Bonn, the Max Planck Institute for Radio Astronomy, as well as a number of larger companies.
The open-ended special AIF “CR Institutional Smart Living Funds” was launched at the end of 2016; in the medium term it is to be developed into a portfolio with seven to ten student residential complexes in Germany for professional and semi-professional investors and to have a volume of 250 to 300 million euros.