France’s Caisse des Dépôts is to acquire a 49% stake in a Berlin residential portfolio owned and managed by French listed property company Covivio.
CDC Investissement Immobilier, the real estate investment arm of Caisse des Dépôts, has signed strategic partnership with Covivio which values the portfolio at €274m.
The portfolio is currently 89.9% owned by Covivio’s German residential subsidiary, Covivio Immobilien, and 10.1% directly by Covivio. Covivio said it would “contribute €93m” to its disposal programme.
The eight assets are located in several of Berlin’s central districts of Charlottenburg, Halensee, Schöneberg, Mitte, Prenzlauer Berg, Friedrichshain, Lichtenberg and Steglitz.
The portfolio totals around 70,000sqm, including 770 apartments, 15,800sqm of commercial space and a 274-space public car park.
The existing mortgage financing will remain in place and Covivio will continue to provide asset and property management.
Covivio also plans to improve the portfolio’s environmental performance, in line with the 2030 ESG targets of both joint venture partners.
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