Curzon Capital Partners II (CCPII), managed by AEW Europe, has sold residential assets in Berlin for a total of EUR 62 mln. The properties were the last of the original portfolio of 29 residential buildings, totalling 750 units, which were acquired by the fund in 2005 and 2006. They have been managed by AEW Europe’s local operating partner and co-investor Caleus. The buyer was not identified.
Curzon Capital Partners II (CCPII), managed by AEW Europe, has sold residential assets in Berlin for a total of EUR 62 mln. The properties were the last of the original portfolio of 29 residential buildings, totalling 750 units, which were acquired by the fund in 2005 and 2006. They have been managed by AEW Europe’s local operating partner and co-investor Caleus. The buyer was not identified.
The investment volume reflects an average price per m2 of around EUR 1,100.
Rob Wilkinson, chief investment officer at AEW Europe said: 'The completion of this disposal programme is a significant achievement in the current market environment. The CCPII fund was able to benefit from the value created through our partnership with Caleus capital investors and the sustained interest from local investors in good quality residential properties in Berlin.'
Patrick Reich, managing partner of Caleus, added: 'The original 20% vacancy rate in the portfolio was let up after we initiated an investment programme to improve the quality of the assets. The location of these buildings in sought-after areas together with their historic features have a strong appeal not only to tenants but also to private investors, particularly among high net worth individuals.'
