A partnership of asset manager Apeiron Capital, Berlin-based investor Kauri, and an unnamed sovereign wealth fund plans to invest €1 bn in Berlin residential property market.
A partnership of asset manager Apeiron Capital, Berlin-based investor Kauri, and an unnamed sovereign wealth fund plans to invest €1 bn in Berlin residential property market.
Apeiron revealed the plan as it announced the partnership had acquired three residential portfolios in Berlin for €100 mln.
The deal, which involves around 900 apartments in the German capital, brings the joint venture's investment volume in the past nine months close to its initial target of €300 mln.
Apeiron said in a statement that the joint venture has secured additional funding from new institutional and private investors from the Middle East and Asia, allowing it to increase its target volume to €1 bn in the medium term.
'With four successful acquisitions we are quickly closing in on our initial portfolio target of €300 mln,' said Vojkan Brankovic and Jacob Cronstedt, principals of Apeiron. 'The joint venture platform now has a demonstrable track record of identifying and successfully acquiring assets that adhere to our strict investment requirements. This coupled with the strong rental and capital value growth continuing to underpin the Berlin residential market, means that we are well placed to deliver long-term stable returns for our capital partners and principals.'
In December 2014, the joint partners made their first acquisition with the purchase of the Zeus portfolio of 1,675 residential and 105 commercial units within 61 residential buildings in Germany for €130 mln. Located in Berlin and Magdeburg, the buildings had in aggregate 120,000 m2 of lettable space. The vendor was ZBI Zentral Boden Immobilien.
