Foncière Développement Logements (FDL), the residential arm of French REIT Foncière des Régions, has acquired a portfolio of 943 residential units in Berlin as part of its diversification strategy.
Foncière Développement Logements (FDL), the residential arm of French REIT Foncière des Régions, has acquired a portfolio of 943 residential units in Berlin as part of its diversification strategy.
The transaction price amounted to EUR 75 mln, including taxes, reflecting a yield of 6.7%. The operation was half financed with own equity, and the other half with a bank loan provided by an unnamed German bank at a cost of less than 3.5%.
Most of the assets are located in four districts of the German capital, in particular Mitte, Schöneberg, Neukölln and Kreuzberg.
The acquisition was carried out by Immeo Wohnen, FDL's German platform, which owns a total of 2,584 units in Berlin, representing 9% of its portfolio.
