Italian-based property group Kronberg International has acquired majority stakes in three residential and commercial portfolios in Germany. The combined value of the portfolios is €115 mln.
Italian-based property group Kronberg International has acquired majority stakes in three residential and commercial portfolios in Germany. The combined value of the portfolios is €115 mln.
The vendor of 53% of the shares in the Amsterdam-based holding company that owns the portfolios was a family office in Italy.
The Dutch office of Italian real estate company Prelios retains the remaining 47% stake in the portfolios.
The real-estate portfolios, which are divided amongst three regionally structured German property companies, comprise 1,791 residential units and 140 commercial units and are located in North-Rhine Westphalia (NRW), Saxony and Northern Germany.
The 148 properties in NRW are located in Düsseldorf, Cologne and other cities in the Ruhr district; in Saxony at locations including Dresden, Leipzig and Chemnitz, and in northern Germany in the cities of Lübeck, Kiel and Rostock.
In terms of lease area the current levels of occupancy range from 85% in the case of the NRW portfolio and 92% in the case of the Saxony portfolio and 95% in the northern Germany portfolio.
Kronberg Germany and Prelios Netherlands aim to increase the value of the portfolio by reducing vacancy levels, speeding up modernisation and maintenance work and selling non-core assets.
Kronberg's residential real estate portfolio, including its individual holdings and those acquired in joint ventures with both national and international investment partners, now stand at 6,000 units.
