Deutsche Investment has invested €100m to buy commercial and residential properties in Berlin and Hamburg.
The German real estate manager said it has paid €76.5m to buy a residential portfolio including ten assets in Berlin and one in Hamburg and acquired four fully-let residential buildings in Berlin for €23.5m.
The Berlin-Hamburg portfolio is made up of 359 residential and 24 commercial units, and the four properties comprise 81 flats and 8 commercial units.
Deutsche Investment said it acquired the assets on behalf of a mandate it manages with EB Group for an institutional investor.
Michael Krzyzanek, managing director for portfolio management at Deutsche Investment, said: “Berlin remains an attractive investment location for us, and we have every intention – as previously announced – to expand our footprint here.
“Because we are convinced that Berlin’s residential property market offers lucrative investment opportunities, especially for investors with conservative investment strategies and a long-term investment horizon.”