Alternative investment manager Empira Group, which focuses on the German-speaking regions of Europe, has acquired six multi-family buildings as well as residential and commercial properties in the Neukölln, Kreuzberg and Wedding districts of Berlin.
The purchase was executed by a subsidiary of the Transition to Green fund managed by Empira Group and encompasses around 400 residential and commercial units with a total leasable area of approx. 32,000 m2.
The properties are situated in highly sought-after locations in Berlin yet do not currently comply with modern energy-efficiency standards. In accordance with the strategy of the Transition to Green Fund, Empira Group plans to comprehensively modernise these buildings and modify them to meet current energy-efficiency requirements.
The objective is to lower the energy consumption through specific energy-efficiency refurbishment and to significantly improve the carbon footprint of the properties. The implementation of these measures will begin immediately.
Ralf Morisse, head of transactions at Empira Group, said: 'This purchase marks an important milestone for our Transition to Green fund. It is our aim to convert energy-inefficient buildings into sustainable real estate portfolios and in doing so make a significant contribution to reducing CO2 emissions in the property sector.'
In the coming months Empira Group plans to make further acquisitions so as to systematically expand the portfolio of the transition-to-green strategy and further increase its contribution to a sustainable and future-proof real estate portfolio.
The financing for the acquisition and the planned energy-efficiency modernisation measures has been provided by BerlinHyp and through KfW loans.
