Meag, the asset manager of Munich Re and Ergo, has acquired three apartment complexes in Berlin from Trei Real Estate.
Financial details were not disclosed.
The properties, located in the city’s Prenzlauer Berg and Mitte districts, were developed by Trei on sites previously occupied by single-storey supermarkets.
The overall leasable area of about 36,000 m2 comprises a total of 544 rental apartments of one to five rooms and 179 car parking spots. The ground floor premises of the properties are taken up by commercial units with a combined floor area of about 7,000 m2, which are let to local convenience stores of the Edeka and Rewe grocery chains.
Stefan Haas, managing director at Meag said: 'By adding the new-build units of Trei, we are expanding our real estate portfolio in Germany to include new residential buildings of the finest quality in premium locations.
'Even in Germany, the current market environment has begun to offer a growing number of opportunities in all relevant use classes again. As investment arm of insurance companies, investing their equity capital gives us an advantage over those competitors who rely on debt financing.'
Pepijn Morshuis, CEO of Trei added: 'I am glad we were able to close this deal successfully even in challenging times like these. Like in previous collaboration with Meag on retail real estate transactions, we once again did so in a spirit of partnership.'
The first property is located at Winsstrasse 18 in Prenzlauer Berg and comprises 187 residential units. Another with 240 residential units is located at Pappelallee 45-53, also in Prenzlauer Berg, while the third, comprising 117 residential units, is located at Fürstenberger Strasse 8.
The occupancy rate at all three of the properties approximates 99%. They stand close to the Kulturbrauerei cultural and events centre, Mauerpark, and a large number of cafés, bars and restaurants.
Trei received legal counsel from Dentons and tax advice from KPMG, while BNP acted as estate agent for the seller.
On the buyer side, Meag was advised on legal matters by Norton Rose Fulbright Legal, and on technical matters by Gleeds. Savills supported Meag in its market research efforts in an advisory role.
