German real estate and investment firm Becken has bought a majority stake in Industria Wohnen from Degussa Bank for an undisclosed sum.
Industria Wohnen manages a portfolio of 18,100 residential units with €3.9bn assets under management.
Becken said the independence of the two companies will also be preserved in the investment fund business.
Becken Invest will continue to focus on the institutional fund business in the debt and core office segments as an investment boutique. Industria Wohnen will focus its efforts on the residential sector and will serve both institutional and private investors in this segment.
Dieter Becken, managing partner of Becken Holding, said: “As a family business, we have been developing office and residential real estate for the past 43 years, and during that time evolved into a real estate and investment company operating nationwide.
”The acquisition of Industria Wohnen is one of the most significant milestones in the history of our company. It will help us to expand our value chain from the planning and construction of office and residential real estate to property and asset management, and all the way to fund and investment management.”
Michael Krupp, the CEO of Degussa Bank, said: “Degussa Bank continues to focus on its core business of worksite financial services. Industria Wohnen will stay a strategic partner of Degussa Bank.
”As a financing partner for residential real estate and as a strong sales partner for residential investment funds as well as for investment-grade real estate assets, Degussa Bank will continue to partner with Industria Wohnen.”
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