Corestate Capital, a specialist private equity real estate investor based in Zug/Switzerland, has completed the sale of a German commercial and residential real estate portfolio for more than EUR 100 mln, to two separate buyers. The properties were bought by an unnamed AIM-listed property company which has a focus on Berlin, and a German closed-ended fund, following the completion of a significant repositioning programme.
Corestate Capital, a specialist private equity real estate investor based in Zug/Switzerland, has completed the sale of a German commercial and residential real estate portfolio for more than EUR 100 mln, to two separate buyers. The properties were bought by an unnamed AIM-listed property company which has a focus on Berlin, and a German closed-ended fund, following the completion of a significant repositioning programme.
The portfolio comprises 1,250 commercial and residential units which are situated throughout the city of Berlin. The portfolio, which had suffered from a significant maintenance backlog prior to Corestate's takeover has since been repositioned through targeted capital expenditure and a programme of active asset management.
Chief Operating Officer Thomas Landschreiber said the exit price achieved surpassed the company's original expectations. 'It demonstrates the strength of our platform and expertise in extracting value. We will continue to selectively build up our portfolio of stressed and distressed transactions in Europe with a focus in Germany, which continues to be a primary destination for international capital.'
Corestate Capital is a specialist real estate investor based in Zug/Switzerland, with partner offices in Frankfurt, Essen, London and Luxembourg. Founded in early 2006 by Ralph Winter, the business has invested EUR 2 bn in the German real estate market both through direct and indirect transactions.
