ZBI Group has announced the acquisition of a portfolio of 33 buildings in Germany for EUR 62 mln. The purchase is the first for ZBI Professional 7 closed-end fund, launched in late 2011.
ZBI Group has announced the acquisition of a portfolio of 33 buildings in Germany for EUR 62 mln. The purchase is the first for ZBI Professional 7 closed-end fund, launched in late 2011.
The assets, consisting of 923 apartments as well as 76 commercial units, are located primarily in Berlin and provide nearly 68,500 m2, consisting of 58,000 m2 of housing and 10,500 m2 of commercial areas. The portfolio, which also includes 408 parking spaces, has an occupancy rate of 96%.
'Despite the competitive Berlin residential property market, we have been able again to acquire a portfolio of high-quality properties that meet our buying criteria,' said Mark Munzing, CEO of ZBI and responsible for the purchase of the properties.
The closed-end fund focuses on German residential real estate situated in Berlin. The fund is forecasting an annual distribution of 4% rising to 6% from January 2018.
