Hamburg-based real estate developer-investor the Becken Group has announced the acquisition of a majority interest in Industria Wohnen, a company specialised in residential investments in Germany, from Degussa Bank. Financial details were kept confidential.
Based in Frankfurt, Industria Wohnen manages a portfolio of 18,100 residential units, with residential assets under management of €3.9 bn, and holds roughly 1,500 apartment units on the balance sheet.
Following the deal, which is expected to close at the end of the year, Industria Wohnen will remain an independent company and will continue to operate under its existing brand name.
The buyer said that the deal is in line with its strategy to 'deepen its vertical integration'.
'As a family business, we have been developing office and residential real estate for the past 43 years, and during that time evolved into a real estate and investment company operating nationwide. The acquisition of Industria Wohnen is one of the most significant milestones in the history of our company. It will help us to expand our value chain from the planning and construction of office and residential real estate to property and asset management, and all the way to fund and investment management,' said Dieter Becken, managing partner of Becken Holding.
Michael Krupp, the CEO of Degussa Bank, said: 'Degussa Bank continues to focus on its core business of worksite financial services. As a financing partner for residential real estate and as a strong sales partner for residential investment funds as well as for investment-grade real estate assets, Degussa Bank will continue to partner with Industria Wohnen.'
Industria Wohnen's operations will not be affected by the acquisition. The current senior management and staff force will retain its current role. 'Becken is a family business with long-term interests. This sort of continuity sends an important signal to our employees, to the tenants of our fund properties and to our investors and suits us well as a company with a market history of over 65 years in Frankfurt am Main. I am glad that Industria Wohnen will remain an independent company and present itself under its well-known and established brand,' said Arnaud Ahlborn, managing director of Industria Wohnen.
