French property group Foncière des Régions' German Immeo residential unit has purchased two additional portfolios in Berlin for €26 mln and completed the acquisition of €240 mln in housing units in Berlin and Dresden.
French property group Foncière des Régions' German Immeo residential unit has purchased two additional portfolios in Berlin for €26 mln and completed the acquisition of €240 mln in housing units in Berlin and Dresden.
In addition, the company said that it has signed a preliminary Agreement to sell nearly €117 mln of non-core assets in the Ruhr region as part of its disposal strategy for mature properties.
The sale is expected to be completed by the end of the first half of 2015.
The transactions are in line with FdR's plans to grow in dynamic and attractive cities, such as Berlin and Dresden, where it already holds a total portfolio of nearly €1 bn, as well as to reduce the non-core portion of its German portfolio by nearly 20%.
FdR has been operating in the German residential market since 2005.