funding deal set to complete in Q1 2023. The acquisition is the latest to be made on behalf of Invesco’s European Living Fund. The seller and project developer are Quartiersmanufaktur GmbH & Co KG, an experienced real estate developer with a strong track record in creating attractive living and urban spaces. Quartiersmanufaktur will complete the building ready for occupancy together with its partner Immprinzip GmbH & Co KG. The development in Mannheim, situated in the Rhine-Neckar metropolitan region, will consist of two separate buildings – Spinelli and Flairwood – with a total lettable area of c5,000 sq m, including c480 sq m of commercial space. In total, the two buildings will have 45 apartments, with 22 positioned as shared living spaces. Constructed from sustainable wood, the innovative assets will meet stringent energy efficiency standards and have been designed with a strong focus on sustainability and tenant well-being which is also reflected in Germany’s KfW-40 Energy Standard. The assets address all population groups uniting all kind of living spaces including apartments in the free-market segment, local rent-controlled apartments, shared living and senior living in two buildings.
The deal is Invesco’s fourth acquisition for its European Living Fund in 2021, which launched in August last year. Other transactions include a city centre development in Amsterdam; Bossey, Invesco’s first residential deal in France; and SeiMilano, one of the most significant residential projects in Europe, in Milan. The European Living Fund is focused on high-grade, turn key residential developments with attractive social and environmental profiles located in strong, growing micro locations in Europe. Assets must meet Invesco’s own sustainability targets of a 3 per cent annual reduction in energy and emissions by 2030 as well as net zero carbon emissions by 2050. In this transaction, Invesco was advised by GSK Stockmann, Schuster REC and Ernst&Young, Quartiersmanufaktur was exclusively advised by Jones Lang LaSalle on the sale of Spinelli and Flairwood.