Berlin-based Capital Bay GmbH has acquired a residential and commercial property in Hamburg-Langenhorn in a forward deal for a low double-digit million euro amount. The seller is Wall-Immobilienbesitz GmbH & Co KG V from Hamburg. The new-build property will be included in the open-ended special AIF CB Wohnimmobilien Deutschland, with HANSAINVEST Hanseatische Investment-GmbH acting as the service KVG.
An apartment block with 48 residential and seven commercial units and a total rental area of almost 4,800 m² is being built on the approximately 2,600 m² site at Langenhorner Chaussee 672-680. The one- to four-room flats are spread over four full storeys and a staggered storey. Large windows, spacious balconies, loggias and roof terraces offer a high level of living comfort. There are 26 car parking spaces, bicycle parking spaces and storage areas in the underground car park in the basement. There are also 10 outdoor car parking spaces. The commercial areas are intended to be used by local retail, catering and freelance businesses. An underground station is within walking distance.
Hamburger Immobilien-, Projekt- und Entwicklungsgesellschaft mbH (HIPE) has further developed the project and assumed responsibility for project management. Completion is scheduled for the third quarter of 2019. FCN Finanz-Consult Nord GmbH acted as broker for the transaction.
Christoph Geißler, CFO and CIO of Capital Bay GmbH: "We are delighted that we have been able to add an attractive A-city product in Hamburg to the acquisition strategy for our special residential fund, which previously focussed on high-growth B-cities, in line with the guidelines. With this sustainable project, we offer living space for all demand segments: from one-bedroom starter flats to four-bedroom family flats. The property is located in the fast-growing north of Hamburg in the neighbourhood of Norderstedt, one of the most important centres in the Hamburg metropolitan region. Here, too, there is a clear surplus demand for flats."
With 1.8 million inhabitants, Hamburg is the second largest city in Germany. In spring, the German Economic Institute forecast a further population increase of around 162,000 inhabitants by 2035 to just under 2 million people. Accordingly, Capital BAY expects the supply of housing to remain tight.
