Foncière des Regions' Immeo subsidiary has announced it has taken control of nearly 90% of Berlin IV, the owner of a €348 mln portfolio of housing assets in central Berlin.
Foncière des Regions' Immeo subsidiary has announced it has taken control of nearly 90% of Berlin IV, the owner of a €348 mln portfolio of housing assets in central Berlin.
The acquisition was made through a public takeover bid for the share capital of Copenhagen-listed Berlin IV, which indirectly gave FdR 94.25%2 of the voting rights and 89.69% of the share capital.
FdR plans to take full control of the company in order to delist it in 2016.
The portfolio comprises 135 buildings (2,735 units) located in the heart of Berlin, 70% of which were built before 1918. The package generates €16 mln in rental income, which Immeo hopes to increase through intensified property management as well as the creation of a further 100 housing units.
The company will take over the management of the assets, currently outsourced, with the aim to reduce the vacancy rate which is 4.2% at present, as well as to tap the rental reversion potential, estimated at 43%.
