UK-based specialist pan-European real estate fund manager PineBridge Benson Elliot has acquired a controlling stake in a portfolio of existing Berlin residential properties.
The transaction was conducted as part of a joint venture with Munich-based asset and investment management boutique Surplus Equity Partners (SEP) and Fundament Advisory.
The 77,000 m2 portfolio consists of more than 1,000 period and neo-classical apartments in some of Berlin’s most sought-after locations.
PineBridge Benson Elliot claims that the transaction provides a rare opportunity to invest into a portfolio of hand-picked high quality assets.
James Jakeman, senior partner at PineBridge Benson Elliot said: ‘The acquisition of this highly attractive portfolio, which we have been able to access through our track record of investment into the German residential market, gives our investors further exposure to this resilient asset class. Berlin is benefiting from sustained migration to the city by talented young professionals, alongside low stock availability and increasing ownership ratios.’
Sebastian Luedke, founding partner and co-CEO at SEP added: ‘We are very pleased that we were able to secure this extraordinary portfolio together with our trusted partners. We have high conviction for the Berlin residential market will now work carefully and responsibly with the assets – further underpinned by rising construction costs in the new building sector.’
Greenberg Traurig, Schick Immobilien, Engel & Völkers, Cushman&Wakefield and EY advised the consortium.
Owned by global asset manager PineBridge Investments, PineBridge Benson Elliot managed US$ 3.1 bn (€2.9 bn) in assets as of 31 December 2021.
For its part, SEP invests in real estate and infrastructure, including in the asset classes residential, office, renewable energies as well as enabling technologies.
