Family office acquires apartment building in trendy Nuremberg neighborhood - demand also high in Bamberg's Lagarde district

• In the Rosenau district of Nuremberg, P&P established an attractive mix of apartments in the building and converted commercial space for this purpose.
• The second sales phase of the SUNSHINE Lofts in Bamberg began after the sale of 79 condominiums in the first construction phase

Fürth/Nuremberg, 19. October 2023 - The real estate investor and developer P&P Group can report sales successes for projects in Nuremberg and Bamberg. The company sold an apartment building near Nuremberg's Bärenschanze subway station to a family office. The number of apartments in the building, each with one to three rooms, increased to 26 as a result of the conversion of 355 square meters of space previously used for commercial purposes. In addition, the sale of the first construction phase with 79 units in the new Bamberg city quarter Lagarde was successfully completed, and P&P sold six further apartments directly with the start of marketing of the second construction phase.

"Christoph Langfritz, Managing Director of the P&P Group, is pleased: "This impressively confirms that we had the right instinct with our developments. For example, the Nuremberg city location in the Rosenau district has become increasingly popular in recent years and established itself as a sought-after residential location, even after P&P acquired and converted the property there. "In addition, we have upgraded the entire property with our upcycling. This is helped by the conversion of the commercial space with adapted apartment types and a focus on a mix of different tenant target groups," Langfritz says. From the outset, the units between 38 and 90 square meters in the location close to the city center were in demand from small families and couples as well as young professionals or weekend commuters, for whom good public transport links are particularly important.

P&P was not only able to record successful global sales. At the same time, there were also sales successes in individual sales, for example in Bamberg with the SUNSHINE LOFTS. "These are due, among other things, to the establishment of our own sales platform for condominiums," explains Eva-Maria Zurek, CEO of the P&P Group: "This is the right response to the new challenging conditions and the economic downturn. This way, we not only have complete control of our properties in the construction phase, but also in sales, and we also offer a coherent investment opportunity." SUNSHINE LOFTS are particularly attractive to buyers and residents because of the energy efficiency concept. Via a combination of geothermal energy, heat pump, photovoltaics, a combined heat and power plant and storage management, 70 percent of the required energy is generated directly on site.

CEO Zurek evaluates the strong demand for apartments in both projects as proof of the right strategy of the P&P Group: "Despite rising interest rates and higher construction costs, we are able to offer the properties economically at realistic prices. This has been made possible by the successful measures we have taken in recent years, such as the system of awarding construction contracts on an individual basis, a stable network of craftsmen built up over many decades, and the use of technical in-house expertise in our own construction and planning department. That's why the worsened general conditions don't weigh so heavily on us."

Over the coming years, there will be numerous further investment opportunities with the P&P Group. At the beginning of October, it was announced that a total of ten new construction projects with more than 1,500 apartments will be launched in the metropolitan regions of Nuremberg and Munich by the end of 2024. In addition, P&P will soon provide another 100 million euros from equity for purchases of land and existing buildings with revitalization potential there. "We are pleased and proud that we can consistently pursue this strategy in view of our healthy economic situation, our very good equity base and accumulated reserves," says Zurek: "This is how we intend to seize the historic opportunity and tackle many new projects thanks to our good economic situation."