Currently there is a waiting list of some 8,000 applicants for affordable housing in Nuremberg, a situation which is reflected across Germany.
Our team of asset managers had been investigating ways in which to build scalable, further exposure to the residential sector while at the same time making a positive contribution to alleviating the supply-demand imbalance in Germany.
We identified experienced Nuremberg-based developer Schultheiß Projektentwicklung AG as a potential partner as the firm had already begun the planning process with the City of Nuremberg for the development of a portfolio of three affordable housing assets. In total, the assets would comprise 331 residential units as well as five commercial units used for social services such as a Kindergarten. This was an excellent way to support the government’s initiative and diversify our portfolio into the affordable housing sub-sector of residential.
The last of the three assets is set to complete by mid-2023, at which time we will further invest in the portfolio to ensure the units are compliant with the CRREM decarbonization pathway and can therefore have a positive effect on the environment.
Aside from the fact that the Schultheiß portfolio is a promising, high-quality investment that stands out from the other assets of this sub class, we are able to live up to our responsibility as a market leader to invest in a way that can make a positive social and environmental contribution.
|Asset name||Affordable housing portfolio|
|Investment type||Core Plus|
|Investment structure||Directly held (Forward Deal)|
|Size||300-unit affordable housing portfolio|
|Sustainability||The assets will undertake further development to ensure they are compliant with the CRREM decarbonization pathway and can therefore have a positive, long-term impact on the environment.|
|Investment||EUR 135 million|
When introducing a property investment opportunity to PIMCO Prime Real Estate you acknowledge that we are under no obligation to accept your introduction or enter into any agreement with you. Fees, commission or other payments in respect of introductions shall only be payable where there is a signed written agreement to that effect entered into between PIMCO Prime Real Estate and the introducer. By submitting an introduction to PIMCO Prime Real Estate you shall be deemed to have accepted the aforementioned terms.
"PIMCO Prime Real Estate” is a PIMCO company that includes PIMCO Prime Real Estate GmbH, PIMCO Prime Real Estate LLC, and their subsidiaries and affiliates: PIMCO Prime Real Estate GmbH (Company No. 158768, Seidlstrasse 24–24a, 80335 Munich, Germany), PIMCO Prime Real Estate GmbH Belgium Branch (VAT No. BE 0841.512.711, Boulevard Roi Albert II, 32, 1000 Brussels, Belgium), PIMCO Prime Real Estate GmbH France Branch (SIRET No. 509 339 669 00053, 50-52 Boulevard Haussmann, 75009 Paris, France), PIMCO Prime Real Estate GmbH Italy Branch (Numero REA MI-2107576, Piazza Tre Torri, 3 20145 Milano, Italy), PIMCO Prime Real Estate GmbH Spain Branch (NIF W2760686B, Paseo de La Castellana, 200 Edificio Spaces, 28046 Madrid, Spain), PIMCO Prime Real Estate GmbH Sweden Branch (VAT No. SE516411865401, Norrlandsgatan 18, 111 43 Stockholm, Sweden), PIMCO Prime Real Estate GmbH UK Branch (Company No. FC036236, 11 Baker Street, London W1U 3AH, United Kingdom), PIMCO Prime Real Estate Asia Pacific Pte Ltd (UEN 202000233H, 12 Marina View #17-02 Asia Square Tower 2, Singapore 018961), PIMCO Prime Real Estate (Shanghai) Co, Ltd (Company No. 91310115MA1K4KBT0L, Shanghai IFC, 8 Century Avenue, Pudong, Shanghai 200120, People’s Republic of China), PIMCO Prime Real Estate Japan GK (Company No. 0104-03-022895, 1-6-2 Marunouchi, Chiyoda-ku, Tokyo 100-0005, Japan), PIMCO Prime Real Estate LLC (File No. 5234055, 1633 Broadway, New York, NY 10019-6999, USA). PIMCO Prime Real Estate LLC is a wholly-owned subsidiary of Pacific Investment Management Company LLC, and PIMCO Prime Real Estate GmbH and its affiliates are wholly-owned by PIMCO Europe GmbH. PIMCO Prime Real Estate GmbH operates separately from PIMCO. PIMCO Prime Real Estate LLC investment professionals provide investment management and other services as dual personnel through Pacific Investment Management Company LLC.
PIMCO Prime Real Estate is a trademark of PIMCO LLC and PIMCO is a trademark of Allianz Asset Management of America LLC in the United States and throughout the world.