Pan-European Investment manager Primevest Capital Partners (Primevest CP) has purchased ‘Elisabethgarten’, a 7,800 m² residential development in Hildesheim, on behalf of a German pension fund for €30 million. Catella Property Consultants acted as advisor to the vendor, developer THI Holding GmbH & Co. KG.
The project will consist of 89 residential units across nine buildings and is scheduled for completion in Q1 2023. Ranging in size from approx. 48 m² to 142 m², the apartments will have two to four bedrooms each with a terrace, balcony or loggia. A single-storey basement will include an underground car park with 90 spaces, storage rooms, bicyle racks and technical equipment. The complex will be constructed around a high quality communal courtyard.
Victor Ghalayini, Transaction Manager at Primevest CP: “This project is a great fit for our portfolio thanks to its excellent location on the east side of the city, which is characterised by residential properties, the newly designed Steingruben-Park and lively neighbourhoods. The property will appeal to a wide range of households, including singles and couples as well as families. Demand is particularly strong from the latter due to a good selection of childcare facilities and schools nearby.”
The Elisabethgarten is being built to the energy-efficient KfW-55 EE standard and forms part of the new Ostend city district, located on the eastern outskirts of Hildesheim between the RB79 / RE10 railway line. The new neighbourhood comprising some 650 apartments, is being built on the former site of the Mackensen barracks.
Hildesheim city centre is easily accessible, and the location is well connected to the surrounding area via the B1 and B6 and the nearby A7 autobahn. Ostend will also have a direct connection to the public transport network through a dedicated bus stop. Several day care centres, elementary and high schools are situated within approx. 1.5 km of the property and a new square in the immediate vicinity will offer retail and other services alongside the Senator-Braun-Allee.
Hildesheim has a population of over 100,000 and is located approx. 30 km southeast of Hanover, the capital of the German state of Lower Saxony, with more than 500,000 inhabitants. Hildesheim is well connected to the rest of Germany, and its main train station is one of the ICE stops on the Kassel-Berlin line while the A7 Flensburg-Würzburg motorway runs nearby.
Catella Property Consultants GmbH advised the transaction on behalf of the seller.
Diane Becker, CEO Catella Property Consultants: “Primevest Capital Partners are the perfect partner for the Elisabethgarten project which will make a significant contribution to the regeneration of the Ostend district."
Please read the Primevest press release here: