Global real estate investment management firm Heitman has acquired a portfolio of private rental sector (PRS) properties in Germany for an undisclosed sum.
The portfolio consists of 285 residential units, eight commercial units, and 132 parking spaces, with more than 17,000 m2 of lettable space, Heitman said. It is diversified across three German metropolitan regions that include Hamburg, Frankfurt, and Cologne and Düsseldorf.
'We are pleased to add these assets to our pan-European portfolio,' said Tony Smedley, Heitman managing director and head of European private equity.
'We are focused on strategies that will benefit from drivers that are delinked or less sensitive to economic and market volatility and are supported by long-term structural fundamentals,' Smedley added.
'This portfolio is consistent with our strategy in the living sectors, and positions our portfolios to capture long-term growth, while also providing defensive characteristics during this stage of the cycle.'
Since 2018, Heitman has invested approximately €415 mln in living sector assets diversified across Europe, according to the firm.
