MDAX-listed Deutsche Wohnen has acquired a portfolio of 6,900 Berlin residential units from US private equity firm Blackstone.
MDAX-listed Deutsche Wohnen has acquired a portfolio of 6,900 Berlin residential units from US private equity firm Blackstone.
The investment volume for the portfolio held by Blackstone Real Estate Partners Europe III comes to €390 mln in a cash and shares transaction.
The price consists of €260 mln in cash and 8,150,000 new shares in Deutsche Wohnen to be issued to the Blackstone funds. The shares equate to a 5% holding in the listed German residential property company.
Deutsche Wohnen is to conduct a capital increase to cover the share component of the deal.
The acquisition from Blackstone will increase its existing residential real estate portfolio to 90,300 residential units, of which 54% are located in Greater Berlin.
The transaction, subject to the capital increase and usual closing conditions, is expected to complete in a few months.
