Munich, 10. January 2019 – The real estate multi-family office PAMERA Real Estate Partners (PAMERA) has announced two acquisitions, with a total value of EUR 28 million, at the end of 2018 and has drawn a positive conclusion for the past year.
Notwithstanding disposals in the first half of 2018, the company still has around EUR 500 million of assets under management. The company currently manages 31 properties and projects, mainly office and residential properties, at 14 locations in Germany. In 2019, the focus will be on expanding the residential property portfolio and participating in development projects in the mezzanine and equity segments.
One of the latest acquisitions was the purchase of a residential complex, with 70 housing units and a small proportion of office space, to the north of Potsdam city centre. Built in 1998, the fully-let properties, which were acquired from another family office, provide a lettable area of over 7,000 square metres. The transaction was brokered by Angermann Berlin. The other recent acquisition, a joint venture with E.T. MYER Immobilien of Munich, concerned a commercial property in Düsseldorf-Golzheim. The building, erected in 1957, has a lettable area of over 2,300 square metres, of which 70% is currently let. PAMERA and E.T. MYER plan to hold and develop the property. In the medium term, they plan to carry out a refurbishment of the building and to obtain planning consent for additional commercial space, e.g. for a hotel or office accommodation.
The combined purchase volume of the two properties was around EUR 28 million. The parties have agreed to keep the individual purchase prices confidential.
In addition, a hotel development project at Czernyring 26 in Heidelberg, begun in 2017, was successfully completed by the end of 2018. The hotel, to be operated by Centro under its new budget designer 99Hotels brand, will open in the first quarter of 2019.
Elsewhere, in cooperation with Bauwerk Capital, Munich, construction work on the LAGOM residential development project in Herrsching am Ammersee was started in the fourth quarter of 2018. By the end of 2020, two apartment buildings with 36 owner-occupied apartments, together with 17 terraced houses, four semi-detached and five detached houses will be built on the 15,000-square-metre site on Rieder-Strasse near the lake.
In the field of mezzanine financing, during 2018 PAMERA and its partners invested around EUR 20 million in various residential and commercial development projects, primarily in Berlin. In addition, the developers financed successfully repaid mezzanine tranches worth around EUR 10 million to PAMERA.