Berlin: Aachener Grund acquires seniors’ residence from Terragon
Capital manager Aachener Grundvermögen is buying the seniors’ residence Riviera in Berlin-Grünau in a forward deal. Seller and developer of the serviced residence is Terragon, who is building five structures with a total of 15,500 sqm lettable space, 208 barrier-free apartments, a daytime care center, and a group residence as well as 50 underground parking spaces on Regattastraße 161-168. Construction is scheduled to start in Q4 and be completed in late 2021. Agaplesion will be leasing the property for 20 years. The asset will be part of the “Aachener WohnenPlus-Fonds”. Terragon is calling it the “largest known transaction in the serviced living sector in Germany”. The project volume was most recently quoted at about €90mn.
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