German pension fund buys eight-building residential development

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

The development, at Gunzelinstrasse 12a–16b, comprises 97 residential units totaling some 7,730 square meters (83,200 square feet) of leasable space. The seller is Graf Gunzelin UG & Co. KG, a subsidiary of Berlin-based MHMI Immobilien-Verwaltungen GmbH.

Danica Cicmil, fund and acquisition manager at Primevest Capital Partners, said, “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-center 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.”