PATRIZIA acquires student accommodation development in Hamburg
PATRIZIA Immobilien AG announces that it has taken over the development project for a new student residence in Hamburg. A new building with 141 modern and fully furnished residential units is being built in the district of Othmarschen under the banner ‘Campus Hamburg’.
- 141 modern, fully furnished apartments
- More than 3,000 square metres total living area
- Due for completion in autumn 2018
PATRIZIA Immobilien AG announces that it has taken over the development project for a new student residence in Hamburg. A new building with 141 modern and fully furnished residential units is being built in the district of Othmarschen under the banner ‘Campus Hamburg’. “The demand for student living space in Hamburg – its approximately 100,000 students making it the third-largest university city in Germany after Berlin and Munich – is enormous and outstrips supply,” says Philipp Schaper, Group Head of Transactions at PATRIZIA. “This is an excellent investment opportunity,” he adds. The seller is Kapitalpartner Gruppe; both sides have agreed to keep the selling price confidential.
The completion of the ‘Campus Hamburg’ student accommodation is planned for autumn 2018, in time for the start of the winter semester. It has more than 3,000 square metres of living space across nine floors. Each apartment is fully furnished and has a well-equipped kitchenette. The property also has community rooms on each floor and a communal kitchen as well as a roof terrace. Its location on Behringstraße means the property is also well-connected to public transport.
Given the persistently strong demand for residential property, student residences are becoming more and more attractive for investors. It was only in February that PATRIZIA acquired a modern, 200-unit student residence in Münster, one of the largest university cities in Germany. “In all German university cities there is a clear lack of accommodation for students and this will not change in the coming years. This trend is also increasingly recognised by investors, which is why these properties are often added to their portfolios,” explains Schaper.
PATRIZIA Immobilien AG:
PATRIZIA Immobilien AG has been active as an investment manager in the real estate market across 15 European countries for more than 30 years. PATRIZIA’s activities include the acquisition, management, repositioning and sale of residential and commercial real estate through its own licensed investment platforms. As one of the leading real estate investment companies in Europe, PATRIZIA operates as a respected business partner of large institutional investors and retail investors in all major European countries. Currently, the Company manages real estate assets worth more than EUR 19 billion, primarily as a portfolio manager and co-investor for insurance companies, pension fund institutions, sovereign funds, savings and cooperative banks. For further information, please visit: www.patrizia.ag.