Munich-based Domicil Real Estate Group, an investment and real estate service provider, has purchased a portfolio of residential buildings in the Cologne and Frankfurt metropolitan areas from KGAL Investment Management.
Financial details were not disclosed.
The deal includes 500 residential units in Neu-Isenburg, Cologne-Urbach and Frechen, all constructed between 1972 and 1994, with a total area of about 36,000 m2. The portfolio was sold by special funds KGAL/HI Wohnen Core 2, advised by KGAL Investment Management.
'The purchase of the ‘Four West’ portfolio is another important milestone in our growth strategy with regard to property privatisation. The properties have enormous development potential and benefit from the high demand for housing in the metropolitan areas of the cities Cologne and Frankfurt,' said Andre Schmöller, chief investment officer at Domicil.
Andreas Polter, head of residential portfolio investment at Cushman & Wakefield, said: 'We find the portfolio convincing because of its attractive size and the excellent locations within metropolitan regions with a strong economy. Once again it became clear that locations in the commuter belts of the Top 7 locations are benefiting from developments on the housing markets.'
Law firm Heuking Kühn Lüer Wojtek advised the buyer on legal aspects. REC Real Estate and KVG Hansainvest provided technical and administrative services.
Cushman & Wakefield advised the seller.