German listed housing firm Accentro Real Estate has announced the acquisition of Deutsche Immobilien Management (DIM Holding AG), a property manager with 130 employees and a €2.8 bn portfolio.
Financial details were not disclosed.
With seven offices in Germany, DIM Holding manages residential and commercial real estate assets covering 1.4 million m2.
In a statement, Accentro said that the deal is in line with its strategy to become a residential investor and portfolio holder, in addition to its current core business of privatisation.
The firm also said that it is planning to expand its portfolio – currently focused on Berlin and eastern Germany, also to the North Rhine-Westphalia, the Rhine-Main region and Bavaria regions, where it already owns properties.
‘We intend to gradually increase the number of properties owned by Accentro and thus become a long-term lessor irrespective of our privatisation portfolio. With this in mind, it makes sense to have a property manager on hand who acts as on-site caretaker and trouble-shooter with knowledge of the local market, close contact to tenants and in-depth technical knowledge of the managed real estate,’ said CEO Lars Schriewer.
‘In DIM, we have found an established company with enormous competence, which forms the basis for the retention and appreciation of the value of the properties in our portfolio,’ he added.