Optimum Asset Management has acquired a 4,367sqm residential building in Berlin-Tiergaten for its German real estate fund.
The manager said the deal is the second acquisition made on behalf of German Real Estate Fund IV (GREF IV), a fund which invests in a diversified portfolio of residential and commercial properties. The residential building of 70 apartments was built in 1959 by Allianz insurance company.
Alberto Matta, chairman and founder at Optimum Asset Management, said: “The fundamentals in Berlin real estate remain compelling as the unique mix of competitive residential property prices, investment safety, strong return on capital, and long-term growth prospects continue proving its intrinsic value.
“This second acquisition is indicative of a portfolio with a greater degree of diversification and growth that will be decentralised. Especially in a city like Berlin, which is predicted to set pace for the German real estate industry.”
GREF IV targets value-add properties worth between €10m and €40m.
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