Scandinavian listed residential specialist Heimstaden announced on Friday that it has made its first foray outside the Nordics with the acquisition of a €66 mln housing portfolio in Berlin.
The portfolio, located in the district of Berlin-Spandau, comprises 27,800 m2 divided into 10 properties. It includes 484 residential units and 50 parking spaces.
Magnus Nordholm, deputy CEO of Heimstaden, explained: ‘Real estate prices in Berlin are growing steadily, starting from a relatively low level. In combination with a very stable rental market, which hardly has any vacancies, this represents a very solid basis for profitable investments’.
‘German residential real estate markets continue to offer great potential, especially with the long-term investment strategy we are pursuing,’ Nordholm added.
The seller of the properties, located on Päwesiner Weg, is a Berlin family office. Closing of the deal is planned for the autumn.
Berlin-based residential company Skjerven Group advised Heimstaden on this transaction.
‘We are ideally placed to support Heimstaden as it enters its first market outside Scandinavia. We look forward to a long-term, fruitful and mutually beneficial partnership,’ commented Einar Skjerven, CEO of the Skjerven Group.