Hamburg-based Deutsche Investment KVG has acquired a portfolio of residential and mixed-use assets focused on Berlin for €220 mln.
The assets comprise 38 properties in the German capital, which provide around 90% of the rental income stream, as well as other locations in Leipzig and Schönberg, near Lübeck. Altogether the portfolio contains 1,088 residential and 103 commercial units.
The seller is a European family office with an international presence. The transfer of ownership has already taken place, Deutsche Investment KVG said.
The 38 assets in Berlin are located mainly within the S-Bahn ring, especially in the sought-after districts of Friedrichshain, Moabit and Wedding. Four more residential and commercial buildings and a vacant lot are located in Leipzig, with another apartment building in Schönberg. The average rent per m2 is €6.70.
'Thanks to our direct access to the market together with EB Group, we have been able to acquire what from our point of view is a real estate portfolio with strong potential in the highly competitive Berlin market,' said Patrick Gehrig, head of transaction management at Deutsche Investment KVG.
The company was advised by GSK Stockmann on the legal side, KPMG and acht+ on building and property management issues. The sellers were advised by Mazars GmbH & Co. KG on the transaction and law firm BRL Boege Rohde Luebbehuesen.
Deutsche Investment KVG and EB Group manage €1.4 bn worth of assets across Germany on behalf of institutional investors including insurance companies, financial institutions and pension funds.