Estavis acquires Berlin residential portfolio

German listed real estate company Estavis is acquiring a portfolio of 3,100 residential units in the Hohenschönhausen district of Berlin. The purchase price of EUR 110 mln is roughly 12 times current rental income.

The six residential complexes, sold by an unidentified investment company, were constructed in the 1970s and '80s and comprise over 200,000 m² of rentable space. The rental income comes to EUR 9 mln annually.

Estavis sees an opportunity for value growth as market rates for new rentals are significantly above the rents being paid by existing tenants, managing director Andreas Lewandowski said.