The Inspiration Group has acquired a portfolio comprising primarily residential properties in the centre of Kiel, the state capital of Schleswig-Holstein.
The portfolio has a total lettable area of around 21,300 sq m. The vendor is the Omega Group from Munich. Both parties have agreed not to disclose the purchase price.
The five properties in the portfolio, dating from 1980, are in locations including Elisabethstrasse and directly on Vinetaplatz, the centre of the Ost-Gaarden district. In addition to 238 residential units around 16,750 sq m metres of living space, they also include 25 commercial units, totalling around 4,550 sq m metres of space and a multi-storey car park.
Gaarden-Ost, on the eastern edge of the harbour, is a central residential district of Kiel. A former working-class district, it is in a process of transformation. Consent for the “Gaarden10” project was granted by Kiel City Council in 2018. With over 250 public and private projects currently under way, the district is, effectively, being remodelled. The aim is to create an attractive residential and business district, featuring a mixture of residential, commercial, hotel and retail accommodation, together with social and cultural facilities.
The location benefits from its central position directly on Kai-City Kiel and is within only a few minutes’ walk are the Technical Faculty of Kiel University and the central railway station.
Goor Rosenberg, CEO of Inspiration Group, comments: “We have confidence in the potential of Kiel Gaarden-Ost, not least because the district is currently seeing dynamic growth. According to the City’s forecast, by 2029 the population of Gaarden will have increased by an overall 22%.
“This is the second residential complex of this size in our portfolio and, naturally, we will be applying our expertise in the field of neighbourhood development to the project. Our plan is to hold this asset in the portfolio and to invest a seven-figure amount in the complex of properties over the next few years, playing an active role in shaping the transformation of the district.”