Germany: MPC Capital AG is expanding from its student housing base with two new apartment schemes in Mainz and Hamburg.
The Hamburg-based asset and investment manager plans to invest close to €50 million in the two locations on behalf of its institutional investors.
The scheme in Mainz will include a student hotel with around 370 rooms. The site is located in Issac-Fulda-Allee, next to the universities and the Opel Arena. The completed property will also enable shorter stays and offer space to tourists and young professionals as well as students. The concept will be complemented by sharing offers, fitness and lounge areas as well as a restaurant and bar. Construction is due to start at the beginning of 2019 and completion is scheduled for 2020.
In Hamburg, MPC Capital will be developing a serviced apartment building in the Winterhude district. Centrally located between Hamburg’s Stadtpark and Winterhude, the project will offer “accommodation for young people who want to live and work in a lively urban environment”. Construction of the scheme is scheduled for mid-2019 with completion is planned for 2020.
Rainer Nonnengässer, managing director of MPC Micro Living Development, said: “With the completion of the two new projects in Mainz and Hamburg, we are taking the concept of living in a small space a step further. Our properties reflect the contemporary wishes and requirements of young people who are studying or have just entered the professional world. We strive to find balance between flexibility and individuality as well as between the increasing sharing trend and the desire for privacy.”
To date, MPC Capital has deployed around €150 million in micro-living projects. At the end of 2017, an existing portfolio of around 1,000 beds was sold to the US investor Harrison Street. MPC Capital continues to be responsible for the management of the properties. Together with international institutional investors, MPC Capital plans to purchase additional development and portfolio projects in Germany and selected European countries.
For discussions on the very latest apartment and accommodation trends in Germany and beyond, secure your ticket for Serviced Apartment Summit Europe RECHARGE which is taking place in Berlin in January 2019.
