- Residential turnkey development with strong ESG credentials, due to be completed in autumn 2024
- C. 10,100 sq m of micro apartments for rent aimed at students and young professionals
- Located close to HafenCity, Europe’s largest urban development project
Augsburg, 17 January 2022. PATRIZIA AG, a leading partner for global real assets, has acquired a residential turnkey development opportunity in Hamburg, Germany, from the residential developer Instone Real Estate. PATRIZIA made this off-market acquisition on behalf of its institutional clients.
Scheduled for completion in autumn 2024, Urban.Isle Campus is aimed at students and young professionals and will provide c. 10,100 sq m of residential rental space across 469 fully-furnished, high quality micro apartments, with an average size of 23 sq m. Amenities include a roof-top terrace with an outdoor kitchen, study rooms and further indoor community spaces with kitchen as well as table football and billard table together with ample bicycle storage for all residents. The finished property will also have c. 1,400 sq m of commercial space which is already almost fully under lease.
ESG has been a key consideration throughout the development. The asset will be built to BEG 55 energy efficiency standard and will also be DGNB silver certificated, in line with PATRIZIA’s requirements. From a social perspective, the building will provide rental space to the local volunteer fire brigade as well as 22 apartments for “Lebenshilfe”, a German charity that helps people with disabilities lead independent lives.
Urban.Isle Campus is located in Hamburg-Rothenburgsort, a burgeoning micro location close to HafenCity that provides excellent amenities and transport connectivity to Hamburg’s universities and the wider city. HafenCity is Europe’s largest urban development project, measuring approximately 157 hectares, and stands on a former industrial site directly on the waterfront in the old docklands. It is evolving into a completely new district combining workplace and residential uses, education, culture and leisure, tourism and retailing.
Nathalie Winkelmann, Head of Fund Management Residential at PATRIZIA, commented: “This transaction has allowed us to acquire a high quality residential property with a futureproof concept that taps into the demand from students and young professionals for micro living accommodation with excellent transport connectivity.”
Christoph Langmack, Head of Acquisitions Residential at PATRIZIA, adds: “Urban.Isle Campus’ strong ESG credentials align with our own ambitions, as well as those of our investors, to deliver real estate that is socially and environmentally conscious. Within the past 12 months, two other development projects with a total volume of c. € 220 millions have been signed with Instone. So we already have a strong relationship with Instone Real Estate and we are excited to be working with them on this latest project.”
PATRIZIA: A leading partner for global real assets
As a company with operations around the world, PATRIZIA has been offering investment opportunities in real estate and infrastructure assets for institutional, semi-professional and private investors for 37 years. PATRIZIA manages more than EUR 48 billion in assets and employs over 800 professionals at 24 locations worldwide. Through its PATRIZIA Foundation, the company is committed to social responsibility. The Foundation has helped over 250,000 children in need worldwide gain access to education and thus, has given them the chance of a better life over the last 21 years. You can find further information at www.patrizia.ag
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