US real estate investment manager Heitman has acquired a residential asset located in the growing Prenzlauer Berg district of Berlin, and a seven-property portfolio located across Southern Germany for €31 mln.
The portfolio, acquired on behalf of an affiliate of Heitman, consists of 239 residential units totaling more than 14,000 m2, one commercial unit, and 42 parking spaces. The properties are located in three key cities across Southern Germany: Göppingen, a town in the metro area of Stuttgart (Baden-Wurttemberg), Kaiserslautern (Rhineland-Palatinate), and Nuremberg (Bavaria).
The Prenzlauer Berg property consists of 29 residential and commercial units.
Commenting on the acquisitions, Sébastian Cavé, managing director of acquisitions - Germany for Heitman said: 'The acquisition of these properties is a great example of Heitman’s ability to source high-quality investments in growing German cities. The income-producing assets are entirely consistent with our strategy and have excellent potential for long-term income and capital growth.'