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smartments has signed a long-term lease agreement for 206 serviced apartments in the FORTY4 quarter in Berlin Friedrichshain. The owner and developer is a Berlin-based family office. The new building is being built on Stralauer Allee in the immediate vicinity of Oberbaumbrücke, East Side Gallery and Warschauer Straße. The opening is planned for 2029.
"We would like to thank you for the trust you have placed in us and are very much looking forward to working together in the FORTY4 district. The location, mix of uses and quality of the quarter are a perfect match for our growth trajectory, and the deal is an important step for us in one of our central markets," says Jens Kindschuh, Managing Director of smartments. Today, the company operates 16 buildings with around 2,400 apartments in Germany and Austria and has been active in the market for more than a decade.
"At the same time, we are expanding, but not at any price. Every new location must be based on a long-term sustainable business plan. This is the only way we can ensure that the properties we operate meet the requirements of institutional investors," adds Kindschuh . This approach is confirmed by the recent purchase of two houses operated by smartments by M&G Real Estate.
FORTY4 covers around 41,000 square metres of gross floor area and combines office space, apartments, hospitality and gastronomy. Five buildings with independent facades, green courtyards and terraces form a quarter for working, living and staying. The project is being developed with a long-term investment horizon.
FORTY4 combines working, living and hospitality in a quarter with high architectural and functional standards. smartments was chosen to operate the serviced apartments because the company has the necessary operational experience and an economically viable concept to anchor the use in the district in the long term.
The location on the Mediaspree meets demand from project business, relocation and flexible stays. Apartments between 18 and just under 30 square metres with their own kitchen and workplace are planned. Almost all units will have a balcony or terrace. The offer is complemented by a lobby of around 300 square metres with areas for community and work as well as a green inner courtyard.
"FORTY4 is a good example of the locations we are looking for: central locations, clear demand, very good transport connections and a product for flexible stays. We want to significantly expand our portfolio in the coming years and are currently looking at other locations in Germany," says Oliver Vinsant, Director of Development at smartments.
The focus is on Germany's seven largest cities as well as selected strong secondary cities. The company is looking for central locations with clear demand drivers and very good public transport connections, as well as properties with around 150 to 250 units. New buildings as well as conversions and existing properties are being examined.
