Italian listed property group Prelios said on Monday that its Resident Berlin 1P&K joint venture has signed a contract to sell 1,503 residential units to an unnamed German institutional investor. The transaction, totalling EUR 93 mln, generates a book gain of EUR 10 mln for Prelios, the company said.
Italian listed property group Prelios said on Monday that its Resident Berlin 1P&K joint venture has signed a contract to sell 1,503 residential units to an unnamed German institutional investor. The transaction, totalling EUR 93 mln, generates a book gain of EUR 10 mln for Prelios, the company said.
The properties are located in Berlin and their vacancy rate is less than 2%.
The deal will also boost earnings from Prelios' German services platform by EUR 1 mln. The company will continue to provide management services for the portfolio for a period of around 12 months.
Separately, Prelios announced on Friday that its FIPRS property fund was the winner for Italy of the 2012 European Property Investment Awards in the specialist fund category. The fund delivered the highest return over the course of the last three years compared to the sector benchmark in Italy.
