Akelius Berlin, the German subsidiary of Sweden-based Akelius Fastigheter, has purchased a Berlin residential portfolio from UK-based private equity real estate fund manager Benson Elliot Capital Management.
Akelius Berlin, the German subsidiary of Sweden-based Akelius Fastigheter, has purchased a Berlin residential portfolio from UK-based private equity real estate fund manager Benson Elliot Capital Management.
The assets are part of the Silvertower multi-family residential property portfolio which Benson Elliot acquired in September 2010 for EUR 37 mln in a joint venture with Hirling Capital Investment Services. Benson Elliot has sold around 50% of the 720 units in the portfolio, for a consideration 'significantly above' acquisition price, the company said in a statement.
'The disposal was made upon the successful completion of a number of asset management initiatives, which resulted in a reduced vacancy rate, increased income and a stabilisation of the assets,' it added.
Akelius owns 13,300 residential units in Germany with 6,800 located in Berlin.
'This sale demonstrates our ability to source opportunities, manage investments and successfully exit transactions to create value for our investors, notwithstanding the ongoing challenges in the European real estate market,' said Joseph DeLeo, senior partner at Benson Elliot.
