BAYIKO, Bayerisches Immobilien Kontor GmbH, has acquired an approx. 3,000 sq m  plot at Conradtystraße 1a (Con1) from the project developer Kapitalpartner Konzept GmbH in Nuremberg. The plan is to build almost 250 student flats on a gross floor area of 9,800 sq m. Completion is expected to coincide with the opening of the Nuremberg University of Technology, which is under construction and is being built in the immediate vicinity. It will have around 6,000 students on site from 2023.

"The land purchase is 100% in line with our strategic direction, as we sell predominantly to capital investors in locations with growth potential and a corresponding return," said Günter Schenk, BAYIKO Nuremberg.

Savills brokered the transaction. The parties agreed not to disclose the purchase price.

Philipp Traumann, associate investment Munich, Savills Germany, says: "Working together closely, our Savills teams in Cologne and Munich succeeded in closing the transaction to the utmost satisfaction of both parties. The Con1 project is an enrichment to the 'Rangierbahnhof' district in the south of Nuremberg."