Allianz Real Estate has acquired a 300-unit affordable housing portfolio in Germany for €135 million in an off-market forward purchase from developer Schultheiß Projektentwicklung AG.
The portfolio‘s three assets, currently under development and due for completion by the end of 2022, are located in Nuremberg in the German state of Bavaria.
“The Schultheiß portfolio is an excellent opportunity to gain traction in affordable housing where we see potential to scale up. At the same time, and as one of the world‘s largest investors in real estate, we have a responsibility to grow our portfolio through assets that have a positive environmental impact, which is why we will invest further into these properties so that the future tenants are housed in industry leading homes,” said Annette Kröger, CEO Region North & Central Europe at Allianz Real Estate.
The assets are all located within Nuremberg‘s public transportation network, with the city centre reachable within 10 minutes. Two of the assets lie in close proximity to each other in the vibrant district of Sündersbühl; the third is located in the southern district of Röthenbach-West – an area with multiple residential development projects recently completed or near completion, marking the site out as an up-and-coming area.