Primus Valor invests in portfolio with 17 properties assisted by Heuking
With a team led by Dr. Sönke Görgens, Heuking Kühn Lüer Wojtek advised Primus Valor on the acquisition of a portfolio of 17 apartment buildings with 380 residential and 18 commercial units. With the acquisition at a price of about EUR 44 million, Primus Valor continues to expand its alternative investment fund ImmoChance Deutschland 11 Renovation Plus (ICD 11 R+).
The properties, located in five German states and covering some 23,000 square meters, have development and renovation potential as well as short-term and medium-term rental growth potential. The entire fund portfolio now includes about 900 residential units at 22 sites. Including the current purchase, ICD 11 R+ has concluded property acquisitions of some EUR 130 million. After the fund was launched with a prospectus capital of EUR 40 million In July 2021, its capital was increased to EUR 75 million in December and to EUR 100 million in June.
Founded in 2007, Primus Valor group is an issuing house headquartered in Mannheim. The company focuses on the acquisition of affordable housing in German upper and middle-class centers. Primus Valor employs more than 100 people.
The team led by Görgens had previously advised Primus Valor on the acquisition of a 448 unit-portfolio in February 2021.
Counsel to Primus Valor group
Heuking Kühn Lüer Wojtek:
Dr. Sönke Görgens (Lead, Real Estate and Contract Law)
Dr. Sarah Slavik-Schulz (Tax)
Vivien Tewes (Public Law, Real Estate), all Hamburg