Union Investment has acquired Kontorhaus am Wall, the newly built serviced apartment project in Bremen’s historic old town, from Corestate Group.
The parties agreed not to disclose the purchase price. The acquisition is being made on behalf of special real estate fund Urban Living Nr. 1.
The recently completed Kontorhaus am Wall comprises 86 serviced apartments. The apartments range in size from 22 to 41 sq m and benefit from spacious communal areas on the ground floor and two roof terraces.
These furnished apartments have cooking facilities for self-catering and are designed for longer stays of up to six months.
”Bremen has relatively few long stay accommodation options, while there is attractive potential demand due to the number of businesses and research companies based in the area. The Kontorhaus am Wall micro-location is ideal for a long stay product. In addition to being within easy reach of the city centre and restaurants, it is also close to the main railway station and directly opposite Wallanlagen park, a green oasis in the heart of Bremen,” said Henrik von Bothmer, Functional Head of Investment Management Micro-Living at Union Investment.
Union Investment has already let Kontorhaus am Wall to serviced apartment operator Stayery for 20 years. Stayery apartments offer a temporary home base with hotel-style services and are primarily aimed at young professionals.
Kontorhaus am Wall is the seventh acquisition for special fund Urban Living Nr. 1. The fund focuses on micro-apartments for different target groups and invests in newer existing properties and in selected development projects in Germany and other European countries.