Aberdeen Asset Management has purchased two housing projects in the German cities of Cologne and Hamburg.
Aberdeen Asset Management has purchased two housing projects in the German cities of Cologne and Hamburg.
The assets were acquired for a German property fund, managed by Aberdeen, for EUR 37 mln.
The vendor was Nordic construction and property development company NCC.
The project in Hamburg-Bergedorf comprises 109 apartments in two blocks totalling 8,800 m2, as well as 88 garage spaces. Project Commence in December 2013 and completion is scheduled for end-2015.
The second project comprises 46 housing units totalling 4,200 m2 of housing space and 33 parking spaces in Escher Strasse in Cologne-Nippes. Project construction will commence in September and completion is scheduled for end-2014.
'NCC is the largest residential construction company in Germany and sales to the investment market are key to NCC Housing’s business,' said Joachim Hallengren, president of NCC Housing.
