Deutsche Investment acquires “Saacke Carré,” a building complex extending over about 4,000 sqm in the inner city of Pforzheim. The acquisition was completed on behalf of the “Deutsche Investment – Wohnen Deutschland I” institutional property fund.
The mixed residential and retail cluster occupies one of the most sought high-street locations in Pforzheim, bordering on the pedestrian precinct and the central railway station. The time-honoured complex consists of 97 residential and 29 retail units and has a total lettable area of around 9,500 sqm. “For almost 170 years, the Saacke complex has been owned by the Saacke family, whose periodic and sustained investments have ensured the capital preservation of the properties. The owners have therefore contributed to the attractiveness of the urban district in the heart of Pforzheim over many years, and have simultaneously created living and working accommodations that are very much in demand. The central location of the property translates into optimal conditions for business people while being highly attractive for residential tenants because of the urban environment, which is confirmed by the quarter’s full occupancy and the long-term commercial leases,” explained Gilbert Merz, the transaction manager responsible for Germany’s south-western region. During the transaction process, Deutsche Investment was advised on legal aspects by the law firm Görg Partnerschaft von Rechtsanwälten and in regard to the technical due diligences by CBRE.
The “Deutsche Investment – Wohnen Deutschland I” special property fund represents yet another investment opportunity offered by Deutsche Investment that focuses on the asset class of residential real estate. It targets an investment volume of c. EUR 300 million. “Saacke Carré represents the third asset acquired for this separate asset pool. Early this year, we were already able to pick up 176 residential and commercial units in sought-after locations of Saxony and Thuringia as well as the ‘Two Eleven’ portfolio with another 116 units located in Leipzig and Frankfurt. The Saacke Carré residential/retail complex expands the investment radius of our separate asset pool into south-western Germany, in line with the set investment strategy, and ensures a speedy capital drawdown for our investors. All things considered, and with a view to our current deal pipeline, we are quite happy about the positive development of this separate asset pool in the residential asset class that we launched last fall, and we are even happier about the brisk pace of our investments over the past months,” elaborated Enver Büyükarslan, Director for Sales and Transaction Management at Deutsche Investment Kapitalverwaltung AG.