Berlin-focused listed residential investor Ado Properties has agreed to buy a 1,905-property strong portfolio in Berlin for over €218 mln.
The acquisitions - which involve 1,877 residential units and 28 commercial ones - are structured as share deals in which Ado Properties acquires 95% of the shares in several German and Luxembourg entities.
Closing of the transactions is expected to occur before the end of August 2016.
The assets are located in the Berlin districts of Schöneberg, Wilmersdorf and Neukölln. The portfolio, with a vacancy rate of less than 1%, is expected to generate net rents of €10.2 mln a year.
'The acquired portfolios fit very well into our strategy set forth and we see strong accretion potential to our existing portfolio,' said CEO and co-founder Rabin Savion.
The acquisition is part of the company's strategy to double the size of its portfolio by 2020. Ado went public in July 2015, raising proceeds of around €200 mln.
Ado Immobilien is backed by the Israeli-listed Ado Group, which retained a 40% stake in the company following the IPO.
