M&G Real Estate has invested in a German residential portfolio via a partnership with BlueRock.
M&G said it has completed the recapitalisation of the central Berlin portfolio of 302 apartments and 27 commercial units, as part of the newly created joint venture with BlueRock to deliver homes in the German city.
The portfolio will benefit from a €47m investment to develop 75 new homes in the centre of Berlin, alongside a modernisation programme across its existing assets.
Peter Riley, head of capital partnerships at M&G Real Estate, said: “This transaction demonstrates how M&G can bring flexible and innovative capital solutions – including secondary trades and recapitalisations – to real estate projects, creating value for our global client base.
By partnering with BlueRock, we will further create additional upgraded living space whilst also helping to address Berlin’s ongoing housing pressures.”
Ronny Pifko, CEO of Bluerock, said: “Through this partnership with M&G, we are gaining an experienced and internationally respected partner who shares our passion for the German capital and our commitment to quality, responsibility and value creation. This collaboration underlines the attractiveness of our platform for institutional investors.”
To read the latest IPE Real Assets magazine click here.
