JUNIQO Invest achieves full occupancy in Bad Düben
Vacancy in Bad Düben near Leipzig completely eliminated after refurbishment
The young Berlin-based transaction specialist and asset manager JUNIQO Invest GmbH acquired a residential complex in Bad Düben near Leipzig with a higher vacancy rate about a year ago together with a Bavarian partner. After extensive refurbishment of empty flats, full occupancy has now been achieved.
The residential portfolio consists of a large residential complex with around 180 flats and is spread over four buildings in Hüfnermark Street (1a-f, 2a-d, 3a-d and 6a-d) with a rental area of around 11,000 square metres and 24 parking spaces. The flats were built in 1988 and have already been renovated and modernised in the past. The modernisations include the addition of balconies, thermal insulation of the facades, the installation of insulating glass windows and a redesign of the exterior surfaces. JUNIQO also carried out further renovations to the interior of the flats.
Overall, the vacancy rate at the time of acquisition by JUNIQO was almost 20 percent. Through further extensive modernisation of the unrented flats and efforts in lettings management, the occupancy rate, including two firm reservations for the last flats, has now been increased to 100 percent. After completion of the flat refurbishment, the last units are thus also let. Some flats had been vacant since 2012 and could now be returned to the housing market.
“We have specialised in residential properties with structural challenges. This includes extensive refurbishments and modernisations, as well as the reduction of vacancies in particular. All in all, we have invested in modern equipment and, above all, with our team, a great deal of work in the portfolio in Bad Düben. The result has now paid off with full occupancy and satisfied tenants,” explains Nino Nowack, Managing Director and founder of JUNIQO Invest.
Bad Düben is located south of the Dübener Heide about 30 kilometres north of Leipzig in the quadrangle between Halle and Wittenberg as well as Leipzig and Torgau. With a population of around 8,000, the town belongs to the district of North Saxony with the district capital Torgau. Northern Saxony has a population of around 200,000. Bad Düben has been a spa town since 1948, mainly because of its moor baths. The town is a former garrison town with two barracks, part of which is now used by the resident federal police. In addition to the resident rehabilitation clinic, the forest hospital and the Heide Spa as well as the other spa facilities, the globally active machine tool factory Profiroll is also economically important.
JUNIQO Invest specialises in the management and structuring of real estate transactions. For purchases, the focus is on residential and commercial properties as well as project developments with a volume of up to 50 million euros for the company’s own portfolio. Geographically, JUNIQO Invest concentrates on Berlin, Leipzig and other central locations in large and medium-sized German cities.
Read the full press release here:
22-11-22 Press release JUNIQO-Invest