Capital Bay has followed its recent transactions in Berlin and the German states with the purchase of a residential portfolio in Merseburg, Saxony-Anhalt.
The 23 properties – mostly historic buildings – comprise 862 residential units and three commercial units with total rental space of around 55,000 m². Capital Bay said that all of the buildings are in a good or very good condition, and that some of them are listed.
The purchase brings Capital Bay's recent acquisitions to around €130 mln.
'Step by step, we are moving closer to our goal of a proprietary portfolio in the billions,' says George Salden, founder and CEO of Capital Bay. 'The portfolio in Saxony-Anhalt has a low vacancy rate and the properties are in very good micro-locations. At the same time, the capital expenditures are low, so we see additional opportunities for growth.'
Other recent deals by the fund include acquisitions in Bavaria and Berlin, as well as purchases in Dresden, Erfurt, Nuremberg and Fürth.
The portfolio deal was brokered by CMBC Partners Real Estate GmbH, while legal advice was provided by law firm Jung & Schleicher.
