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Hemsö develops school in Germany

- Non-regulatory information

Hemsö is developing a secondary school for one thousand students in Zossen, south of Berlin in Germany. The investment amount for Hemsö is SEK 450 million.

This development project is Hemsö’s first school project in Germany and will be conducted under a joint venture agreement between Hemsö and the City of Zossen, owned 90 per cent by Hemsö and 10 per cent by the City of Zossen. Construction is scheduled for immediate start-up and the school is expected to be completed in the first quarter of 2021. The City of Zossen is the tenant and has signed a 20-year lease agreement. The school will accommodate one thousand students and have a total floor space of 16,250 sqm.

The investment is in line with the company’s strategy for Germany, which is to increase the focus on acquisitions and development projects in the segments of education and the justice system with public-sector tenants. Hemsö already owns public properties in Germany, mainly in elderly care with a portfolio of 42 nursing homes.

“It is gratifying that Hemsö is continuing to broaden its property portfolio in Germany, and that we are developing our first school project in partnership with the City of Zossen. We are creating a modern school with an effective learning environment for all students. There is a major need to refurbish and construct new public schools in Germany, and Hemsö’s experience of development in Sweden makes us a solid partner for German municipalities,” says Jens Nagel, Head of Region, Germany.