CBRE Investment Management has acquired a €360m residential portfolio in Berlin, Germany, from Vonovia on behalf of investment programmes sponsored by the firm.
The newly built 91,275 sq m multifamily residential portfolio comprises 16 buildings offering approximately 1,200 residential apartments located in three different locations in Berlin.
Sebastian Ehrhardt, head of transactions Germany at CBRE Investment Management, said: “We have been provided a fantastic opportunity to add to the high-quality residential portfolio that we acquired earlier this year. This core portfolio aligns with two of CBRE IM’s investment strategies and meets their affordability, sustainability, and investment requirements. Recognising that we are in a unique investment window, we remain focused on unlocking further opportunities across Germany.”
Marius Schöner, EMEA head of residential operator division at CBRE Investment Management, added: “This transaction reflects our ability to leverage our in-house capabilities and expertise to secure compelling opportunities, as we continue to scale our residential platform. We have moved at pace and closed this deal, in challenging market conditions on behalf of a number of capital sources.
“With a significant supply deficit of new homes in Berlin, the occupier demand for multifamily homes is high. We expect that the buildings still to be completed will quickly lease up and that we achieve strong occupancy levels across the portfolio.”
CBRE IM was advised by Linklaters, EY, CBRE Building Consultancy, CBRE and sowie Engel & Völkers.
