Hamburg-based investment giant Deutsche Investment has acquired a portfolio of 286 apartments and two residential units in Berlin on behalf of an institutional investor.
Financial details were not disclosed.
The residential complex, located in the booming Neukölln district in former East Berlin, is situated in the Britz neighbourhood, towards the former Templehof airport. It comprises six buildings in total, with apartments each averaging 57 m2.
'We were able to acquire a well-maintained residential complex in one of the fastest-growing districts of Berlin for the individual mandate within a very short time,' said Patrick Gehring, head of transaction management at Deutsche Investment.
'Assets in such a highly-sought-after micro-location are very difficult to obtain on the market,' Gehring added.
The asset was acquired for an individual mandate which Deutsch Investment manages in cooperation with investor EB Group. The mandate has a planned investment volume of around €250 mln in total, and focuses on residential real estate in sought-after urban locations.
Deutsche Investment and EB Group are in charge of investment, asset and facility management for the entire investment portfolio, as well as project development where assets require consolidation or redevelopment.
'Berlin's residential real estate market is still attractive for investment,' said Eitel Coridass, managing director investment management at Deutsche Investment.
'On behalf of our institutional investor, we are primarily interested in value preservation, continuous earnings and long-term portfolio management, and here the basic parameters in Berlin remain positive,' Coridass concluded.