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Funding
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Forward Sale, Student Accommodation Development in Kassel, Germany

Kassel
,
Germany
DEAL
001082
POSTED ON
September 15, 2020
INVESTMENT SUMMARY
IRR
5%
Multiple
NA
LTV
NA
First Year CoC
NA
Stabilised CoC
NA
Status
Funding
Deal #
001082
Asset Class
Student Accommodation
Strategy
Development
Capital Type
Full Stack
Deal Size
13.0
m
Investment Size
13.0
m
Holding Period
NA
INVESTMENT HIGHLIGHTS
  • Renowned local developer in Germany has recently obtained planing permission to develop a student accommodation residence in the city of Kassel, Germany. In order to help financing the development, the developer is looking for a forward sale. The development will continue to avoid delays in the completion expected for Q3 2022.
  • The site is located in the city of Kassel in an industrial regeneration area. The total area of the site is 1,700 sqm. The site is located 700m from Kassel main station and 1.8 km from Kassel University.
  • Kassel is located on the Fulda River in northern Hesse, Germany. It is the administrative capital of the district of the same name and has a population of over 200,000 inhabitants. Kassel has a public university with 25,000 students. The University of Kassel is a public higher education institution and was founded in 1971 as a so-called reform university offering new and innovative models of teaching.
  • The building will feature 121 units distributed across 4 floors above ground.  The total leaseable area is  3,366 sqm and the building enjoys parking space for 35 cars and 40 spaces for bicycles.  The current design offers still the possibility to be influenced by a the new investor.
  • It is estimated the asset will produce a rental income of  €16.50 psqm or equivalent €666,468 on annual net rent. The Sponsor is a local developer and is looking to forward sale the asset. Asking price is €13m (c. 5% cap rate).
KEY DEAL POINTS
KEY FINANCIALS
ABOUT SPONSOR
Seasoned Sponsor
A real estate company with experience in the proposed asset class and geographic market. Has less than 5 years of verifiable track-record and less than $100m in turnover annually.
FURTHER IMAGES
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LOCATION
DEAL DATA ROOM
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INVESTMENT SUMMARY
Strategy
Development
Asset Class
Student Accommodation
LTV
NA
Deal Size
13.0
m
Closing
Capital Type
Full Stack
Investment Size
13.0
m
Net IRR
5%
Multiple
NA
Holding Period
NA
INVESTMENT DETAILS
  • Renowned local developer in Germany has recently obtained planing permission to develop a student accommodation residence in the city of Kassel, Germany. In order to help financing the development, the developer is looking for a forward sale. The development will continue to avoid delays in the completion expected for Q3 2022.
  • The site is located in the city of Kassel in an industrial regeneration area. The total area of the site is 1,700 sqm. The site is located 700m from Kassel main station and 1.8 km from Kassel University.
  • Kassel is located on the Fulda River in northern Hesse, Germany. It is the administrative capital of the district of the same name and has a population of over 200,000 inhabitants. Kassel has a public university with 25,000 students. The University of Kassel is a public higher education institution and was founded in 1971 as a so-called reform university offering new and innovative models of teaching.
  • The building will feature 121 units distributed across 4 floors above ground.  The total leaseable area is  3,366 sqm and the building enjoys parking space for 35 cars and 40 spaces for bicycles.  The current design offers still the possibility to be influenced by a the new investor.
  • It is estimated the asset will produce a rental income of  €16.50 psqm or equivalent €666,468 on annual net rent. The Sponsor is a local developer and is looking to forward sale the asset. Asking price is €13m (c. 5% cap rate).
INVESTMENT HIGHLIGHTS
Funding
SUMMARY
Opportunity to acquire on a forward purchase basis a new student accommodation development in the city of Kassel, Germany. The sponsor is a local developer with strong background and is looking to forward sale the asset to a financial investor. There is a strong demand from operators in the area and the asset could be delivered with a lease in place. Asking price is €13m (€3.8k/sqm).
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