Primevest Capital Partners acquires 86 subsidised apartments in ‘My Smart City Graz’ for EUR18.5m
Primevest Capital Partners has purchased a residential development for approximately EUR18.5 million in My Smart City Graz, Austria on behalf of a German pension fund.
The project, located on Waagner-Biro-Strasse and the corner of Dreierschützengasse, comprises 86 subsidised apartments and two commercial units, totalling some 5,200 sqm of lettable space.
Patrick Müller, Fund & Acquisition Manager, Primevest Capital Partners, says: “We have been championing the delivery of affordable, modern residential accommodation across Europe for a number of years and this development in My Smart City Graz is a perfect example of the future of housing. It also fully matches our German partner’s long-term vision to provide sustainable low-cost housing in cities that have strong future growth prospects.”
The project is being developed by DI Jörg Jandl GmbH and the Haring Group and will be completed by 2022. The 2,730 sq m site will incorporate 54 underground parking bays, charging stations for electric cars and space for 160 bicycles. The main train station and the city centre will be a few minutes away once the new tram line, currently under construction, comes into operation.
‘My Smart City Graz’ is emerging on the site of a former industrial area north of the main train station. It is a well thought out urban planning concept characterised by a balanced mix of space and good connections to the established surrounding neighbourhood. The scheme includes new residential, office and business accommodation and is being developed under ‘Smart City’ principles that combine sustainable technologies, flexible mobility solutions and renewable energy supply.
Graz, Austria’s second-largest city, has a population of 329,000 and is the economic, scientific and cultural hub of the southeast of the country. The city has eight universities serving around 60,000 students. Known as the capital of the Austrian automotive industry, Graz also has thriving creative and service sectors and is a leading centre for environmental technology and renewable energy.
The advisors to the transaction were COMFORT Austria and TOP Consulting, legal firm SCWP Schindhelm, auditors BDO and technical consultants Drees & Sommer.