Tishman Speyer acquires housing project in SW Germany
Tishman Speyer has acquired a housing project with 88 units in Grenzach-Wyhlen, southwest Germany, close to Basel and across the border in Switzerland.
The seller was Dutch construction and development company Ten Brinke. The project, secured in a forward deal, will become part of an open-ended Special Fund.
The asset is part of the urban quarter development “Kapellenbach-Ost,” a 14.4-hectre (36-acre) residential area. It encompasses 6,825 square meters (73,464 square feet) of rental space in total and will be built to highest specifications in sustainability and energy efficiency (German KfW-40-NH standard). It also includes 105 parking spaces in an underground car park and 14 outdoor spaces. The asset will have a diversified tenant structure with a 30 percent share of social housing.
“The project combines first-class residential space with sustainable urban development in a budding new quarter,” said Guido Boltes, senior director at Tishman Speyer. “