Pan-European investment manager Primevest Capital Partners has acquired a residential development in the city of Saarbrücken, Germany, for about €15 million ($17 million) behalf of a German pension fund, from Hauser und Thiery GmbH & Co. KG. The project is scheduled for completion in the second quarter of 2022.
The 4,500-square-meter (48,437 square-foot) complex, formerly occupied by Sparda-Bank Südwest, is on the corner of the Beethovenstrasse and Sulzbachstrasse in the heart of the inner-city district of St Johann. It comprises three historic office buildings dating from 1909 to 1910 that are being converted into a residential complex with commercial units on the ground floor. The first floor, totaling 650 square meters (6,997 square feet), is rented to a physiotherapy practice. The transformation will be carried out in accordance with regulations for the preservation of historic monuments.
“Primevest Capital Partners sees great potential in the city of Sa
