Level One, the German residential and commercial real estate group, has acquired a mixed portfolio of properties in the east and south of Germany for EUR 502 mln. The portfolio includes more than 11,500 residential units that comprise a total of 790,000 m[sup]2[/sup] of lettable space, almost doubling the number of properties in Level One's German residential portfolio. The commercial properties are located in seven cities across Germany, and the company says they generate yields well above the market average for German commercial real estate.
Level One, the German residential and commercial real estate group, has acquired a mixed portfolio of properties in the east and south of Germany for EUR 502 mln. The portfolio includes more than 11,500 residential units that comprise a total of 790,000 m2 of lettable space, almost doubling the number of properties in Level One's German residential portfolio. The commercial properties are located in seven cities across Germany, and the company says they generate yields well above the market average for German commercial real estate.
Level One said the acquisitions are in line with its niche investment strategy, involving properties in the EUR 5 to 50 mln range, where less interest from high-end operators or retail buyers typically means they are not subject to competitive auctions. The company says it has a strong pipeline of commercial and residential opportunities under evaluation to add to a total portfolio that is now worth in excess of EUR 1.5 bn.
