Swiss private equity real estate investor Corestate Capital has completed the sale of a residential real estate portfolio located in major cities and metropolitan areas of Germany for EUR 51 mln.
Swiss private equity real estate investor Corestate Capital has completed the sale of a residential real estate portfolio located in major cities and metropolitan areas of Germany for EUR 51 mln.
The assets were sold as part of a portfolio repositioning programme to a foreign investor and several private individuals at a rental yield of 6% or EUR 950 per m2. A portion of the portfolio is located in the inner city districts of Berlin while the rest is spread across the cities of Frankfurt, Dresden and Leipzig as well as urban areas of Lower Saxony.
Thomas Landschreiber, chief operating officer of Corestate, said: 'This transaction reflects the high level of demand for German real estate at the present time. We are going to pursue our anti-cyclical strategy across all asset classes and locations and plan to engage in an increasing number of transactions, both on the acquisition and disposition side, following the accelerating impact of tightening credit markets on the real estate industry.'
