Accentro picks up 364 Berlin apartments for €27m

Accentro Real Estate, a listed German residential privatisation specialist, has acquired 364 apartments in Berlin for €27.4 mln.

Notarised last week, the transaction covers properties in the Neukölln, Spandau, Friedenau, Zehlendorf, Reinickendorf and Alt-Tegel districts of the German capital. The portfolio provides 21,680 m2 of residential space and is earmarked for what Accentro describes as 'socially responsible residential privatisation'.

'All of the apartments are based in highly sought-after locations in Berlin. They represent reasonably priced housing, which is also affordable for existing tenants as owner-occupied properties. The offering is therefore aimed at both owner-occupiers and private investors,' said Accentro CEO Jacopo Mingazzini, adding: 'Owner-occupied property is the best form of provision for old age, particularly in the current climate of low interest rates.'

Accentro recently sold a residential portfolio in the Hohenschönhausen district of Berlin. The proceeds of €51.5 mln generated a 'high profit', according to the company.

'As announced, we are investing the funds in residential properties, which are extremely suitable for selling individually as owner-occupied apartments,' Mingazzini said. 'The new acquisitions are a good example of our investment strategy. We are looking for properties in the medium price segment in established locations in major German cities. One of our unique strengths lies in the socially responsible sale of properties to tenants and tenant-focused buyers.'

Privatisation will not change the situation for tenants who do not wish to buy their property, Mingazzini added. 'When an apartment building is split up into apartments which can then be sold, in Berlin sitting tenants are protected for 10 years against termination of tenancy due to the apartment owner needing the property for himself. Existing tenancy agreements remain unaffected.'