Foncière des Régions has invested €241m in German residential property stock.
Most of the portfolio – around 90% – is in central Berlin.
The Paris-based REIT bought the assets through its German Immeo subsidiary.
Around €165m has been invested in 945 fully renovated housing units in Berlin’s Mitte, Friedrichshain and Prenzlauerberg regions.
A second portfolio, worth €76.4m, has also been bought, adding 117 housing units, as well as 10,700sqm of office and retail space and a Novotel hotel.
Late last year, Foncière des Régions took control of Danish firm Berlin Hagen Kahmann IV.
The move by the firm’s Immeo subsidiary for the housing specialist added 2,735 central Berlin units and €16m in rental income to its portfolio.
Foncière des Régions, active in Germany’s increasingly popular residential sector since 2005, said the Berlin Hagen Kahmann IV portfolio, worth €348m, held “great value-creating potential” in one of the “most dynamic German cities in terms of demographic prospects and purchasing power”.
