Sankt Augustin, 16-09-2019. P+B Group, a property developer and project developer headquartered in Sankt Augustin, has sold the Campo Novo student residence in Mannheim to Catella Residential Investment Management GmbH (CRIM). In the transaction process, P+B Group was again assisted by MEYER-KÖRING, Bonn and Berlin.
Campo Novo Mannheim is now the sixth property of this brand realised by P+B Group with a total volume of more than 2,400 beds. The student residence in Mannheim has a total living space of 7,170 square metres and 208 residential units, 103 of which are single apartments and 105 double apartments. All units are fully furnished, have parquet flooring, high-quality kitchens and modern bathrooms. Campo Novo Mannheim will be completed in September 2019, just in time for the start of the winter term.
The property is located at Birkenauer Strasse 49-51 in the east of the university town, which with around 310,000 inhabitants and 29,000 students is also the economic and cultural centre of the Rhine-Neckar metropolitan region. Campo Novo Mannheim is easily accessible by public transport as well as by car.
The project was procured by Hildebrandt Immobilien GmbH, which also took over the letting of the property. The Campo Novo brand, with a total of approx. 2,800 rooms, is thus establishing itself more and more in the German market, which can be seen not least from the rental level of approx. 60% at the end of August 2019 that has already been reached for the newly constructed property. In addition, Hildebrandt Immobilien GmbH has been involved in project development activities for P+B Group right from the start and has consistently implemented the continued development of the furniture concept to meet the changing needs of tenants.
According to Gerd Hebebrand, CEO, P+B Group is implementing the Campo Novo projects primarily in German metropolitan regions. Conceptionally structured in the same way, the actual design is individually tailored to the actual location and the local demand and market situation.
"The high-quality products of the sophisticated Campo Novo brand convince both customers and investors. The properties are particularly attractive for institutional investors who want to benefit from the stable returns," emphasises Frank Hilbertz, CFO of P+B Group.
Catella has already acquired several properties from P+B Group. Most recently, P+B Group sold the Campo Novo Business Freiburg project with 305 hotel apartments to Catella as part of a foreward deal at the end of 2018. The Freiburg property was completed on time by Züblin in mid-August and handed over to Catella on schedule by P+B Group. "We have a long-standing and successful business relationship with Catella. We are very pleased that we were able to realise another transaction with Catella", says Gerd Hebebrand.
About P+B Group:
P+B Group, headquartered in Sankt Augustin near Bonn, is a renowned property developer and project developer boasting more than 15 years of market presence and a compelling track record. The project volume realised to date amounts to around 600 million euros.
P+B creates real estate values that stand for long-term value creation and sustainable asset growth. The product range of P+B extends from single-family homes, to multi-storey residential buildings and student apartments, to exclusive urban neighbourhoods such as Parkend in Frankfurt's Europaviertel. The company's portfolio also includes commercial real estate. In addition to hotel apartments and retail space, office premises and hotels are under planning.
P+B works independently of banks and implements its projects with a high proportion of equity capital thanks to shareholders with excellent credit ratings. With a workforce of now 40 at the Sankt Augustin, Frankfurt and soon-to-be-added Stuttgart locations as well as a project development volume of approx. 700 million euros, P+B Group is continuing to grow.
Media contact : PRBecher | Ulrich Becher | Phone: +49-(0)228-9180836 | Mobile: +49-(0)177-2448838 | Email: u.becher[at]PRBecher.de