Swiss real estate investment manager BlueRock Group and BGO Strategic Capital Partners (BGO SCP), the multi-manager platform of global real estate manager BentallGreenOak, have jointly invested in a multi-family residential strategy in Berlin in an operation valued at over €200 mln.
BlueRock built up a portfolio of 11 inner-ring residential buildings over the past year. More recently, BGO SCP recapitalized the seed portfolio and provided further capital to continue accumulating similar assets alongside BlueRock and its fund investors.
BlueRock’s acquisition, development and asset management teams located in Berlin and Zurich actively manage the current portfolio now comprised of 20 buildings in the city center, totaling 548 residential units and a gross floor area of 39,000 m2.
Cherine Aboulzelof, managing director and head of Europe at BGO SCP explained: ‘The fundamentals of the Berlin residential market continue to be strong and this transaction gives our investors exposure to one of the most liquid European residential market.
'We aim to invest with Managers with local sourcing and asset management expertise and support their growth plans: we are delighted to partner with the BlueRock Group in an already seeded and growing portfolio, as they have demonstrated on-the-ground sourcing, planning, and asset management expertise.’
Ronny Pifko, managing director of the BlueRock Group added: ‘The BlueRock Group has already expanded increasingly into Berlin last year and we aim at extending our presence in the capital city. We are pleased to have gained such a strong, international investor with BGO SCP, who sees the same potential in the city as we do.’
