Primevest Capital Partners acquires residential development in Peine, Germany

Dutch-German investment manager Primevest Capital Partners has purchased an eight-building residential development in Peine on behalf of a German pension fund. 

The development, at Gunzelinstraße 12a–16b, comprises 97 residential units totalling some 7,730 sq m of lettable space. The seller is Graf Gunzelin UG & Co KG, a subsidiary of Berlin-based MHMI Immobilien-Verwaltungen GmbH.
 
Danica Cicmil, Fund & Acquisition Manager at Primevest Capital Partners says:“This development in the growth region of Lower Saxony will offer young families and older people alike attractive and affordable accommodation in modern, purpose-built apartments within a 10-minute walk of Peine’s city-centre amenities. This fundamentally sound investment for our client is supported by forecasts which show that Peine’s 50,000-strong population is expected to grow significantly while the town is currently experiencing a housing shortage.”
 
Peine is a mid-sized town located some 40 kms east of Hannover and 25 kms to the west of Braunschweig. The Gunzelinstraße development is being constructed on the site of a former indoor swimming pool. The eight, four-storey buildings will incorporate one- to four-room residential units, ranging in size from 40 to 120 sqm, all with balconies or terraces, and accessible by lift. Residents will have access to shared communal gardens and a children’s playground. The property will also include a total of 128 parking bays, 68 of which will be situated in an underground car park. The city centre is 900 metres to the north-east and several supermarkets and schools are located nearby.
 
The building has been constructed to very high sustainability standards in line with the German KfW-55 regulation, a high standard energy building.
 
Primevest Capital Partners was advised by law firm CMS Berlin and by DGI Real Estate Management & Advisory GmbH on technical matters. Neopolis Advisory acted as consultant on the transaction. Hannover-based law firm Bethge Rechtsanwaltgesellschaft GmbH acted on behalf of the vendor.