FBK acquires Nuremberg resi following Alpha insolvency
Image rights: BGA Invest
Nuremberg-based property developer and investor FBK Development has acquired 160 residential units in Erlangen, which is north of Nuremburg, from the insolvent Alpha Real Estate.
The totalling 13,500 sq m portfolio comprises 12 residential buildings which are located in residential areas in Alt-Erlangen, and on Liegnitzer Straße in the immediate vicinity of the Friedrich-Alexander University. The portfolio includes 129 underground parking spaces.
The apartments are almost fully let. Both parties agreed not to disclose the sales price.
FBK plans to carry out comprehensive energy-saving measures on the buildings, which date from the 1960s and 1970s, in compliance with ESG criteria.
“We took the opportunity to acquire a residential portfolio in excellent locations with potential for value appreciation,” said Alexander Faust, founding partner of FBK Development. “The buildings fit perfectly into our acquisition strategy. We can consistently implement our manage-to-core approach here, paying particular attention to profitability and energy optimization.”
FBK Development invests in residential and commercial properties with significant repair and investment needs and focuses on regions in northern and eastern Bavaria.
BGA Invest from Grünwald acted as intermediary in the transaction.
