Deutsche Investment has announced the acquisition of 472 residential and commercial units in its core markets of Berlin and Hamburg for a total of €100 mln.
The firm said on Wednesday that it has purchased a residential portfolio including 10 assets in Berlin and one in Hamburg for a purchase price of €76.5 mln. Most of the assets are tenant-occupied.
In addition, it picked up another four residential buildings in Berlin that were bought from private investors for prices totalling €23.5 mln. The acquisition was carried out within the framework of a single mandate for an institutional investor account that Deutsche Investment manages in association with EB Group. The properties date from the Belle Époque and are located in popular downtown locations in the districts of Kreuzberg, Neukölln, Schöneberg and the borough of Treptow-Köpenick.
'Berlin remains an attractive investment location for us, and we have every intention—as previously announced—to expand our footprint here. Because we are convinced that Berlin’s residential property market offers lucrative investment opportunities, especially for investors with conservative investment strategies and a long-term investment horizon,' said Michael Krzyzanek, managing director for portfolio management at Deutsche Investment KVG.