Investment manager Barings has acquired its first European single-family housing build-to-rent scheme in Osnabrück, Germany, on behalf of a core strategy.
The scheme, which is part of the Landwehrviertel regeneration project and comprises a total net lettable area of 9,150 m2, was acquired from Anima Projektentwicklungsgesellschaft, the development arm of Hamburg-based Vivum Group, in an off-market transaction.
The project called “Mien Huus” encompasses 59 town houses that range between 140 and 170 m2 of living space each over three floors and include a garden, a parking unit and a roof terrace. Construction will start in August 2022; completion is expected in 2024. The houses are predominantly targeted at mid-level income groups, while some units will be delivered as affordable housing.
The project is part of the Landwehrviertel, a 37-ha urban quarter development on the former site of a British army base, which will offer new homes for more than 1,200 people in over 800 residential units upon completion and will be connected to the city centre of Osnabrück by a regular bus service.
Gunther Deutsch, managing director and head of Europe Real Estate Transactions at Barings, said: ‘With a pronounced demand for modern housing in economically successful regional cities such as Osnabrück, we expect Mien Huus to become a strong investment for our core strategy. We are looking for further opportunities in the BTR segment across our target markets in Europe, which apart from Germany also include the Nordics, the Netherlands, France, the UK, Italy and Spain.’
