Primevest Capital Partners has acquired a residential development in Saarbrücken, Germany, for about €15 million on behalf of a German pension fund. The asset was acquired from Hauser und Thiery and the project is expected to be completed in the second quarter of 2022.
The 4,500 sq m complex, formerly occupied by Sparda-Bank Südwest was originally built in 1909 and will be converted into residential space with commercial units on the ground floor.
On completion the complex will provide 78 residential units on five floors and up to three commercial units on ground level.
Primevest fund and acquisition manager Danica Cicmil said: “Primevest Capital Partners sees great potential in the city of Saarbrücken due to its geographic location, well-developed education sector and the strength of its economy which make this development a compelling investment proposition.”
Saarbrücken is the capital of the federal state of Saarland and forms its economic, political and cultural centre. It is part of the QuattroPole city network comprising Luxembourg, Metz, and Trier, and has the largest population and biggest economic and cultural centres of the four cities.