News ReleasesAcquisition of new residential block in Jena

Commerz Real has acquired a new residential complex to be built from the project developer Quarterback Immobilien for its open-ended real estate fund hausInvest in Jena. By 2024, 114 apartments will be built in six buildings covering around 10,000 square metres of rental space. Approximately 600 square metres are planned for commercial use. In addition, there are 131 car parking spaces. Construction is scheduled to start in the third quarter of 2021. The buildings will be constructed as so-called energy efficiency houses in accordance with the Energy Savings Ordinance in the KfW 55 standard with roof greening. All apartments should also have a balcony, loggia or (roof) terrace. Some of them should be accessible for the elderly.

The district is located on Naumburger Straße in Zwätzen, a northern district of Jena. There are supermarkets, doctor’s practices, a daycare centre and several schools in the immediate vicinity. Trams and buses are within walking distance of the city centre, the university and the ICE and bus stations.

According to the Federal Statistical Office, there are around 110.00 people living in Jena, of whom, according to the city’s economic promotion, around 4,500 scientists and 22,000 students. The university city has various research facilities, including institutes of the Max Planck and Fraunhofer Society, the Leibniz Community and an institute of the German Centre for Aerospace. According to the Housing Working Group of the City of Jena, housing demand largely exceeds supply due to positive population development and high student demand. At the same time, the city’s structural expansion is limited by the surrounding slopes and nature conservation restrictions in the Saale Valley.

The acquisition was structured as forward funding. This means that Commerz Real first purchases the building plot and then pays the purchase price in instalments according to construction progress. On the legal side, the consultancy firm Noerr and on technical issues the SMV Group, headquartered in Berlin, acted as advisors.