Patrizia has acquired a residential turnkey development in Hamburg, Germany from Instone Real Estate, on behalf of its institutional clients.
Scheduled for completion in autumn 2024, Urban.Isle Campus is aimed at students and young professionals and will provide c. 10,100 sq m of residential rental space across 469 fully-furnished, high quality micro apartments, with an average size of 23 sq m.
The finished property will also have c. 1,400 sq m of commercial space which is already almost fully under lease.
Urban.Isle Campus is located in Hamburg-Rothenburgsort, a burgeoning micro location close to HafenCity that provides excellent amenities and transport connectivity to Hamburg’s universities and the wider city. HafenCity is Europe’s largest urban development project, measuring approximately 157 hectares, and stands on a former industrial site directly on the waterfront in the old docklands. It is evolving into a completely new district combining workplace and residential uses, education, culture and leisure, tourism and retailing.
Nathalie Winkelmann, Head of Fund Management Residential at Patrizia, commented: “This transaction has allowed us to acquire a high quality residential property with a futureproof concept that taps into the demand from students and young professionals for micro living accommodation with excellent transport connectivity.”
Christoph Langmack, Head of Acquisitions Residential at Patrizia, said: “Urban.Isle Campus’ strong ESG credentials align with our own ambitions, as well as those of our investors, to deliver real estate that is socially and environmentally conscious. Within the past 12 months, two other development projects with a total volume of c. € 220 millions have been signed with Instone. So we already have a strong relationship with Instone Real Estate and we are excited to be working with them on this latest project.”