CBRE Investment Management has exchanged contracts to acquire a circa €360 mln residential portfolio in Berlin, Germany, providing circa 1,200 residential apartments. The vendor is Vonovia.
The entire 91,275 m2 multifamily residential portfolio, all newly built or delivered in stages with full completion by mid-2024, comprises 16 buildings located in three different locations in Berlin. The portfolio is of modern design, high quality, and strong sustainability credentials, according to the buyer.
The acquisition is the second deal between CBRE IM and Vonovia this year. In May CBRE IM acquired 1,350 apartments in Germany from Vonovia for €560 mln.
Sebastian Ehrhardt, head of Transactions Germany at CBRE Investment Management commented 'We have been provided a fantastic opportunity to add to the high-quality residential portfolio that we acquired earlier this year. This core portfolio aligns with two of CBRE IM’s investment strategies and meets their affordability, sustainability, and investment requirements. Recognising that we are in a unique investment window, we remain focused on unlocking further opportunities across Germany.'
Marius Schöner, EMEA head of Residential Operator Division at CBRE Investment Management added: 'With a significant supply deficit of new homes in Berlin, the occupier demand for multifamily homes is high. We expect that the buildings still to be completed will quickly lease up and that we achieve strong occupancy levels across the portfolio.'
