Union Investment and GBI Capital have teamed up to develop affordable housing in urban districts.
The joint venture’s first project is in Hamburg’s Wandsbek district.
“The focus of our development, which is being carried out in conjunction with the district council, is not only on creating restaurant space and commercial premises but also housing,” said Ronald Joachim Behrendt, senior project manager at Union Investment. “The specific mix of uses within the residential block is currently being finalized, but the units will all be rental apartments. Among the options under discussion are a daycare center for elderly people and living space for apprentices and students. In total, around 140 new rental apartments are being built, of which at least 35 per cent will be subsidized housing. We are delighted to be working with the GBI Group, a partner with many years of experience and extensive expertise in this important area.”
The area is set to become a s
