Vienna-listed proeprty company Conwert Immobilien Invest SE has acquired a 1,700-unit residential property portfolio in Berlin with a yield on purchase of approx. 8.3 %.
Vienna-listed proeprty company Conwert Immobilien Invest SE has acquired a 1,700-unit residential property portfolio in Berlin with a yield on purchase of approx. 8.3 %.
The investment volume was not disclosed but is thought to be about EUR 90 mln. The transaction expands Conwert's portfolio in Berlin by roughly one third to about 5,350 units.
'This transaction is a further step in our strategy to increase the average yield of our portfolio by acquisitions in inner-city locations with high appreciation potential,' said Johannes Meran, chairman of conwert's administrative board.
The portfolio is spread over four districts in Berlin and its average vacancy rate amounts to less than 2.5 %, with a significant appreciation potential at an average rent of currently roughly EUR 5/m2.
Conwert is a Central European residential property company with EUR 2.8 bn of property assets under management.
