Europa Capital and Skjerven Group’s newly created Berlin residential real estate venture has acquired two properties worth €40m in total.
The buildings, acquired from a German family office, are located close to the Kurfürstendamm are under refurbishment.
The two Wilhelminian style houses comprise a total of 89 apartments, penthouses and commercial units, and will be offered for sale as individual units once work completes in the second quarter of next year.
Einar Skjerven, managing director at Skjerven Group, said: “When the product is ready, we will presumably be able to sell the apartments quickly to owner-occupiers in Berlin or to capital investors from Germany.
“The demand for residential property is higher than ever in Berlin due to the lack of apartments in Berlin, negative interest rates and the lack of investment alternatives in general.”
Back in May, Europa Capital, on behalf of its latest value-add European real estate fund, formed the joint venture with Skjerven to invest in residential assets in Berlin.
At the time, the venture, which intends to put together a portfolio worth €150m, agreed its first two acquisitions worth €20m in total.
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