Foncière des Régions has announced the acquisition of €241 mln worth of German residential and commercial assets, 90% of which located in Berlin.
Foncière des Régions has announced the acquisition of €241 mln worth of German residential and commercial assets, 90% of which located in Berlin.
In the larger of two deals, Foncière des Régions' Immeo subsidiary acquired 945 renovated housing units for €165 mln in central Berlin locations such as Mitte, Friedrichshain, and Prenzlauerberg.
Separately, the group bought a real estate complex consisting of 117 housing units, 10,700 m2 of office and retail space and a 238-room 4-star Novotel hotel for €76.4 mln.
The immediate average yield of these acquisitions comes to 4.9%, FdR said.
These acquisitions further increase the share of Berlin assets in the German portfolio from 28% at year-end 2014 to 44% at present.
