A joint venture of private equity firm KKR and local partner Vision Group has acquired a residential portfolio of 163 units in Dingolfing, Lower Bavaria, for an undisclosed amount.
It marks the first transaction since Vision and KKR last month agreed on a new strategic partnership for residential property investments.
The newly acquired apartments have a total leasable area of approximately 9,700 m2. The two- to four-room apartments have the potential for value enhancement through creating additional living space and digital solutions, including digital key management, intercom systems and touchpoint displays to notify tenants of upcoming maintenance work.
Niclas Wallrafen, COO and partner of Vision Group, said: ‘Due to the proximity of the apartments to Munich and Regensburg, as well as the attractiveness of Dingolfing, we see substantial potential in further developing the assets. As our first investment in Bavaria, we are widening our regional footprint and expanding our growth strategy.’
Last month, Vision Group and KKR announced the formation of a strategic partnership. Together, both parties plan to provide real estate units as investment opportunities to private investors, family offices and institutional investors. Vision and KKR plan to purchase residential properties and invest in them with the intention to enhance the quality of living for tenants through operational upgrades while also reducing their energy footprint.
