Invesco Real Estate has acquired a residential development in Germany in a forward-funding deal set to complete in first quarter 2023. The seller and project developer is Quartiersmanufaktur GmbH & Co KG. The sales price was not disclosed.
The property will be constructed from sustainable wood and will meet stringent energy efficiency standards.
“Spinelli and Flairwood are best-in-class assets that we believe will help define the future of sustainability and high-end residential living in Germany,” said Fabian Manegold, a managing director – transactions, Invesco.
The development in Mannheim, situated in the Rhine-Neckar metropolitan region, will consist of two separate buildings — Spinelli and Flairwood — with a total lettable area of 5,000 square meters (53,820 square feet), including 480 square meters (5,166 square feet) of commercial space. In total, the two buildings will have 45 apartments, with 22 positioned as shared living spaces.
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