Competo buys Lotsenhof multi-family development in Mainz from Trei

Trei Real Estate (“Trei”), an international developer and asset holder for residential and retail real estate, just sold its “Lotsenhof” multifamily development at Mainzer Zollhafen. It was acquired by Competo Capital Partners GmbH, a Munich-based investment and asset management specialist, on behalf of the Joachim Herz Foundation.

The property, which will deliver 95 rental apartments, has been under construction since September 2021 and is scheduled for completion by the fourth quarter of 2023. It is located at the Hafeninsel III development site of 5,945 square metres, by the side of a canal, and is being built to the KfW-55 sustainability standard. It will include a greened inner courtyard and 76 underground parking spots. General contractor is the company MBN GmbH, while HPP Architekten GmbH based in Düsseldorf is responsible for the architectural design and the integrated planning. CBRE brokered the transaction.

The Lotsenhof site is part of an urban quarter that is being developed by several investors around the eight-hectare basin of the former customs port in Mainz on the bank of the Rhine. In addition to residential real estate, the new quarter, which has been under development since 2010, will include retail and gastronomy venues, and will offer significant recreational benefits in its attractive waterfront location.

Lotsenhof asset earmarked for open-ended individual fund

“We’re glad we were able to secure such an attractive residential development for the Joachim Herz Foundation,” said Frank Teupe, Head of Investment Management at Competo Capital Partners. “We expect to see strong demand for apartments, especially since the macro-environment has plenty of potential: Wiesbaden and Frankfurt are only a few kilometres away, while Mainz is home to a whole variety of high-end companies and higher education institutions.” Following its completion, the property is to be added to an open-ended special AIF that Competo launched together with INTREAL as third-party AIFM in the form of an individual fund mandate on behalf of the Joachim Herz Foundation in Hamburg.

Trei’s second multi-family development at Zollhafen earmarked for own portfolio

“Lotsenhof is the first project in Germany that Trei has handled in an exit developer role. With the growth of our German development pipeline, it is quite conceivable that we may continue to sell fully completed property developments in the future,” said Pepijn Morshuis, CEO of Trei.

Trei has another multi-family project under development at Zollhafen, namely Fischerhof at the adjacent Hafeninsel II development site, which will deliver 88 rental apartments that are earmarked for Trei’s proprietary portfolio. Work at this development site also started in September 2021, while its completion is expected by the first quarter of 2024.