French listed property group Covivio has announced the acquisition of a residential portfolio with more than 640 units located in the most dynamic districts of Berlin, from the Berlin based investment company Nox Capital, for a total of €154 mln.
With this operation, Covivio reinforces its presence in the Berlin residential market, where the group already owns and manages on a long-term perspective more than 17,000 units.
All properties are located in attractive inner-city locations with excellent public transport connections, such as Charlottenburg-Wilmersdorf, Friedrichshain-Kreuzberg, Tempelhof Schöneberg and Tegel. The portfolio includes classic Berlin apartment buildings from the 1900s-1930s, and a modern residential complex with subsidized rents.
Covivio intends to deploy its asset and property management approach on this portfolio, meaning conduct a works program to upgrade the overall quality and comfort of the housing; focus on environmental performance thanks to dedicated measures; and realize, when relevant, extensions or densifications programs to provide new apartments to the growing Berlin population.
Daniel Frey, CEO Covivio in Germany, said: ‘In 2022, we will continue to expand our rental housing stock and pursue our investment strategy to strengthen our presence in the Covivio core markets of Berlin, Hamburg, Dresden, Leipzig and North Rhine-Westphalia. Keeping in mind our triple objective of creating value, improving the environmental quality of the portfolio and designing a residential offer adapted to each market.’
