Adler acquires residential portfolio in Northern Germany

Frankfurt-listed Adler Real Estate has acquired 2,400 residential units in Northern Germany from turnaround specialist Corestate Capital.

The financial details for the off-market transaction was not disclosed.

Corestate said the assets are located in the Hanover/Braunschweig region. Corestate chief operating officer Thomas Landschreiber: 'We were able to implement our capital investment programme and eliminate the maintenance backlog due to our local asset and property management teams while improving the overall quality of the portfolio in only 14 months.'

Corestate is based in Zug, Switzerland, with partner offices in Frankfurt, Essen, London, Singapore and Luxembourg. The business has invested more than €2.5 bn in the real estate market both through direct and indirect transactions.