Affordable housing portfolio

This acquisition will help the city of Nuremberg reduce the significant supply and demand imbalance for affordable housing.

© Schultheiß


Contributing to alleviating the supply-demand imbalance for affordable housing


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.

The solution

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.

What were we proud of?

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.

Facts & figures

Asset nameAffordable housing portfolio
Asset typeResidential
Investment typeCore Plus
Investment structure Directly held (Forward Deal)
Size300-unit affordable housing portfolio
Signing date 2021
SustainabilityThe 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

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