Berlin, 25 February 2020 - Berlin-based Capital Bay GmbH has acquired 27 residential units with a total lettable area of just under 2,000 m² in Stuttgart-West for its open-ended special fund CB Wohnimmobilien Deutschland. The purchase price is in the low double-digit million euro range. The seller is Neuerburg Vermögensverwaltungs KG from Dresden, with Hansainvest acting as the service KVG.
The seven-storey property, built in 1955/56, is located in Leuschnerstraße and is currently undergoing a complete refurbishment. The residential units are between 33 and 100 m² in size and the plot is around 1,000 m² in size.
Stuttgart-West is one of the five inner districts of the Baden-Württemberg state capital and is one of the most popular residential areas. The Feuersee lake and the main shopping street Königstraße are within walking distance of the property. Several schools, supermarkets, cafés and restaurants are in the immediate vicinity. Underground and S-Bahn connections are right on the doorstep.
"The Stuttgart area is one of the strongest and most dynamic economic regions in Europe. Due to the strong excess demand for living space, Stuttgart has now become the most expensive major city in Germany. This will not change in the medium term," says Christoph Geißler, CIO of Capital Bay. "The purchase fits perfectly into the fund's acquisition strategy, which focuses on sustainably growing German cities with a population of at least 100,000 or on smaller cities in metropolitan regions with a population of 20,000 or more."
Markus Holzer, Managing Director of CB Investment Management GmbH, adds: "At the same time, we are driving forward the regional diversification of our fund, as we have not previously invested in Stuttgart. With this purchase, we have currently placed around 170 million euros of the fund's assets - with a target volume of 300 million euros."
