Italian listed property company Prelios has sold its interest in a German residential portfolio consisting of 1,250 apartments in Berlin as part of its strategy to divest non-strategic, minority holdings, PropertyEU has learned.
Italian listed property company Prelios has sold its interest in a German residential portfolio consisting of 1,250 apartments in Berlin as part of its strategy to divest non-strategic, minority holdings, PropertyEU has learned.
Prelios, which owned a 40% stake in the package through the Tizian1 and Tizian 2 property funds, is understood to have divested the assets to two unnamed institutional investors.
The portfolio has a market value of over EUR 60 mln and debt of roughly EUR 50 mln, reflecting over 70% leverage. The assets have an average vacancy of just 2%.
The deal, which generates a book gain of EUR 5 mln for the Italian group, comes hard on the heels of Prelios' sale in July of a EUR 93 mln residential portfolio consisting of 1,503 apartments in Berlin.
