Bouwfonds buys €182m of residential in Germany, Denmark

The Dutch-owned Bouwfonds Investment Management made two big portfolio acquisitions in Germany and Denmark for both one of its Spezialfonds and for its open-ended property fund, for a total of €182m.

It bought three residential buildings for its European Residential Fund, whose volume has now exceeded the €900m-mark. One of the properties, in the North Rhine-Westphalian city of Münster, was bought for €22m from TMW Pramerica Property Investment, and has 19,000 sqm across 239 units.

The second Germany property, with 5,100 sqm in 146 units, is in the university city of Göttingen, and was bought for €11m from a developer. The Danish property is located near the Copenhagen airport and cost €20m.

Earlier in June Bouwfonds had also bought a number of residential buildings and developments in Germany and Denmark to be managed by KVG Institutional Investment-Partners on behalf of a southern German pension fund for €130 mln.

The Wohnen (residential property) portfolio includes an existing building and a project of 12,000 sqm each in Hamburg-Wandsbek, a 7,000 sqm project in Frankfurt and an 8,000 sqm building in Copenhagen.

The company plans to invest €53 mln and €31 mln respectively for the Hamburg and Frankfurt project. Both developments are expected to be delivered by end-2016. The company described the assets as "good, centrally-located residential properties, nearly all of them fully occupied, and either in perfect condition or structurally renovated or to be completed in the next two years." Bouwfonds IM will be responsible for portfolio and asset management of the properties.