German listed residential specialist Estavis has changed its name to Accentro Real Estate and sold its entire commercial real estate portfolio for just over €16 mln.

German listed residential specialist Estavis has changed its name to Accentro Real Estate and sold its entire commercial real estate portfolio for just over €16 mln.

The Berlin-based company said the moves are part of its strategy to focus on private residences, particularly in the city of Berlin and its Greater Metro Area where the company sees 'great opportunities' for expansion.

'Our realignment is making excellent progress,' commented CEO Jacopo Mingazzini. 'The capital freed by the sale of our commercial property portfolio will be mainly used for the consistent expansion of our privatisation portfolio.'

In 2015, the company plans to step up its efforts to acquire residential portfolios and condominium packages, with a focus on the German capital as well as on other metropolitan regions such as Hamburg, Rhine-Main, Cologne-Bonn, and Munich, Mingazzini added.

'The idea is also to acquire additional housing privatisation mandates as third-party service provider,' he noted.