Hamburg-based investor Adler Real Estate has acquired the majority ownership in three German portfolios.
Hamburg-based investor Adler Real Estate has acquired the majority ownership in three German portfolios.
The total value of the three portfolios is about €113 mln.
Adler took control of the total of 1,906 residential and commercial units by acquiring the majority of the shares in S.I.G, a Dutch vehicle that owns the portfolios.
The shares were sold by European asset manager Kronberg International. Law firm Olswang advised Kronberg in the transaction. The rest of the shares will remain with Prelios Netherlands, part of the Italian Prelios group.
The portfolios are divided into three German special purpose entities comprising 1,769 residential and 137 commercial units in North Rhine-Westphalia, Saxony and Northern Germany.
The properties in North Rhine-Westphalia are located in Düsseldorf, Cologne and other towns in the Ruhr area. The assets in Saxony are in Dresden, Leipzig and Chemnitz and other towns. The Northern German assets are situated in Lübeck, Kiel and Rostock.
