CBRE Investment Management is buying a €560m portfolio from listed German residential property company Vonovia.

The real assets investment manager said it has agreed to buy five newly built multifamily assets on behalf of several investor solutions it sponsors. The portfolio’s assets comprising two properties in Berlin, two in Munich, and one in Frankfurt, consist of 1,350 apartments.

Marius Schöner, the head of EMEA residential operator division at CBRE Investment Management, said with long-term structural drivers, the residential sector is proving attractive to investors, and “we will continue to seek investment opportunities with the aim to invest €1.5bn across Europe this year”.

The latest deal lifts CBRE IM’s residential assets under management in EMEA to €6.8bn for direct real estate strategies.

Sebastian Ehrhardt, the head of transactions Germany at CBRE Investment Management, added that the company remains focused on finding investment opportunities in the large metropolitan areas in Germany which are either standing investments or developments.

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