GBI sells Mannheim SMARTments development

George Sell By George Sell
3 weeks ago | Updated 3 weeks ago

Germany: HanseMerkur Grundvermögen AG has acquired 113 serviced apartments in Mannheim from project developer GBI AG.

It acquired the apartments for its open-ended special real estate fund HMG Grundwerte Deutschland Südwest. The apartments are operated by a subsidiary of GBI AG under a 20-year lease agreement.

Completion and transfer of the property, located at Mannheim Central Station, is scheduled for early 2020. The fully furnished apartments, equipped with a work station and a kitchenette, are part of the SMARTments business portfolio developed by GBI.

The apartments are in particular demand by project staff, consultants and newly arrived residents who are looking for temporary accommodation, against the backdrop of a housing shortage in the metropolitan Rhine-Neckar region.

Nele Hedden, investment manager at HanseMerkur Grundvermögen AG, said: "The overall package has quickly convinced us: The economically strong region, the central micro-location within Mannheim, the successful SMARTments concept and the well-established project developer GBI AG - all this is a strong argument for the investment by our regional fund HMG Grundwerte Deutschland Südwest."

Simon Behr, director of sales at GBI AG, said: "We are delighted that HanseMerkur Grundvermögen AG is now investing in a property of our SMARTments business brand for the second time in Mannheim. This proves how well the cooperation on the property acquired by HanseMerkurin Berlin in 2015 has worked out. As in all six of the SMARTment business facilities already in operation, we have a full occupancy rate there."

To get to the heart of the German serviced apartment sector, don't miss Serviced Apartment Summit Europe RECHARGE, which takes place in Berlin in January 2019.

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