Residential real estate specialist Deutsche Asset One has acquired 750 apartments valued at around €90 mln on behalf of two separate account mandates from Union Investment.
The apartments, located in Hamburg, Leipzig, Magdeburg and Saarbrücken, were bought predominantly through off-market transactions from a number of German family offices.
'We are very pleased to be able to offer our investors access to a number of locations for attractive risk-diversified asset allocation,' said Bernhard Kraus, managing director of Union Investment Institutional.
Deutsche Asset One has acquired residential properties valued at around €500 mln for these mandates in the past 24 months.
'In the next two years, we are planning to excecute further transactions worth around €500 mln,' said Thilo von Stechow, managing director of Deutsche Asset One.
