German residential specialist Deutsche Asset One has acquired a portfolio of 2,200 apartments on behalf of a new spezialfonds launched jointly with Union Investment.
A Union Investment Real Estate spokesperson confirmed the acquisition, but declined to provide financial details. The deal was first reported by German news source Thomas Daily.
A large part of the portfolio—around 700 apartments—are situated in the city of Kronach, in the Upper Franconia region. The rest are in large cities such as Berlin (550 units), Duisburg, Dresden, and Magdeburg.
The vendor of the Kronach apartments is the Zentral Boden Immobilien Group (ZBI).
It is the second spezialfonds issued jointly by Deutsche Asset One and Union Investment. Last year, Deutsche Asset One set up a €170 mln open-ended residential investment fund on behalf of Union Investment.
