Commerz Real and Wertgrund acquire first property

Commerz Real, a subsidiary of Commerzbank AG, and Wertgrund Immobilien in Germany have acquired their first property, a residential complex construction project in the west district of Darmstadt, Germany.

The acquisition was structured as a forward-funding agreement with the selling price remaining undisclosed at the time of publication.

The complex is comprised of eight apartment buildings with 194 two- to four-room apartments — 49 of which are publicly subsidized — spanning 15,600 square meters (168,000 square feet). It also includes 213 underground parking spaces.

According to Commerz Real, all of the buildings are being constructed to the KfW Efficiency House 55 standard. Construction is expected to be completed by 2021.

With €14.9 billion ($16.7 billion), Commerz Real is the second-largest German open-ended real estate fund. It aims to invest around €2 billion in residential real estate within the next four to five years.