After a quiet Q1, Vonovia leads several billions of residential transactions already agreed in Q2, with its second big German portfolio sale in two weeks.
This week, CBRE IM agreed to pay Vonovia €560 mln to secure five new multifamily blocks, with 1,350 flats in Berlin, Frankfurt and Munich. Last week, Apollo acquired a 30% stake in Vonovia’s 21,000-unit ’Suedewo’ residential portfolio, valuing the portfolio at €3.3 bn; both deals help to create new price indications.
In Q1, agents had calculated that German residential investment deals more than halved compared to the corresponding 2022 quarter.
Buyers and sellers also closed deals in the multifamily sector in the UK, the Nordics and the Netherlands. In the UK an investor new to Europe, Canadian asset manager Starlight Investments, paid £225 mln for three BTR buildings, in Ashford, Liverpool and Manchester comprising 922 units. Starlight said its entry into the UK BTR market represents the first step of a wider European residential strategy.
In Sweden, listed residential specialist Trianon continue to rebalance its portfolio by announcing an agreed sale this week of 45 residential buildings. And in the two previous weeks, K2A Knaust & Andersson sold two resi portfolios in separate transactions, to Savills IM and Resinova.
Trianon’s CEO said his group’s SEK1.3 bn sale was ‘proof that the book values of our properties are on par with the market.’
No price information was disclosed for the Netherlands deal, where Union Investment bought four of six towers making up the MIX Amsterdam development from developer MRP. It is the German fund manager’s fifth residential buy in the Dutch city.
Also establishing values was Blackstone, via a €440 mln refinancing of part of its Spanish Fidere residential portfolio in a three-bank club. It’s the US giant’s second refinancing with a club of banks in Q2 - the last was for 47 Swedish logistics assets - and it is working on a third, again in Spain.
Meanwhile, Greystar is testing the market for residential investments by putting three prime projects up for sale: in Dublin, The Hague and Frankfurt.
We also track the other assets on the market which include a 50% stake in a prime West End office, and five fund managers raising new capital.
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