Press release Commerz Real acquires new construction of residential complex in Jena
from Quarterback Immobilien

Commerz Real has acquired a new residential complex to be built in Jena from project developer Quarterback Immobilien for its open-ended property fund Hausinvest. By 2024, 114 flats are to be built in six buildings on a rental area of around 10,000 square metres. Around 600 square metres are earmarked for commercial use. There will also be 131 car parking spaces. Construction work is set to begin in the third quarter of 2021. The buildings will be constructed as energy-efficient houses in accordance with the Energy Saving Ordinance to KfW 55 standard with a green roof. All flats will also have a balcony, loggia or (roof) terrace. Some of them will be barrier-free and suitable for the elderly.

The neighbourhood is located in Naumburger Straße in Zwätzen, a northern district of Jena. There are supermarkets, doctors' surgeries, a day care centre and several schools in the immediate vicinity. The city centre, the university and the ICE and bus stations are all within walking distance via trams and buses.

According to the Federal Statistical Office, around 110,000 people live in Jena, including around 4,500 scientists and 22,000 students, according to the city's economic development agency. The university city has various research facilities, including institutes of the Max Planck and Fraunhofer Societies, the Leibniz Association and an institute of the German Aerospace Centre. According to the city of Jena's housing industry working group, demand for housing largely exceeds supply due to the positive population development and the high demand from students. At the same time, the city's structural expansion is limited by the surrounding slopes and nature conservation restrictions in the Saale valley.

The acquisition was structured as a forward funding. This means that Commerz Real first acquires the building plot and then pays the purchase price in instalments as construction progresses. The commercial law firm Noerr provided legal advice and the SMV Group, headquartered in Berlin, provided technical advice.