Alternative investment fund manager Deutsche Investment has acquired a residential portfolio in Berlin comprising four properties and 96 residential units for €26 mln.
The assets, which are located in key residential areas in the boroughs of Pankow, Friedrichshain-Kreuzberg, Tempelhof-Schöneberg and Neukölln, also include six commercial units.
The deal represented a single mandate on behalf of an institutional investor, for whom Deutsche Investment has been executing Berlin residential deals since May 2019.
Michael Krzyzanek, managing director for portfolio management at Deutsche Investment, said: 'For our institutional investors and for us, the investments we have been making in Berlin since last year are a clear commitment to the city’s housing market.
'What we appreciate about this recently acquired residential portfolio is, once again, that they are part of close-knit Berlin neighbourhoods that make each property unique.
'Our approach of long-term property asset ownership enables us to keep the highly liveable residential environment intact for the tenants, and simultaneously to secure long-term stability of rental income for our investor.'
The Belle Époque and late-nineteenth-century properties are situated in central inner-city locations within walking distance of public mass transit stops, including centrally located underground stations and rapid transit stations. The houses are almost fully occupied.
In addition, Deutsche Investment said there was potential across the portfolio for the new-build construction of further residential units within the framework of infill densification programmes, especially through the development of attic storeys.
