ADO Properties has acquired 43 apartment houses with approx. 1,300 units in Berlin from an international investment fund. The total cost of the acquisition of the portfolio was approx. €130 mln. The transaction was closed in Q1 2015.
More than 60% of the residential units were constructed between 1900 and 1930, a period of excellent construction quality and attractive architecture. Around 12% of the houses were built in the 1990s.
The major part of the portfolio’s buildings (approx. 72%) is located in the upcoming districts of Neukölln, Pankow, Tempelhof/Schöneberg and Wedding. Approximately 17% of the buildings can be found in the more established districts of Charlottenburg/Wilmersdorf, Köpenick, Steglitz and Tiergarten. ADO Properties will develop an individual modernization and letting strategy for each building.
”The transaction proves our ability and strategy to acquire smaller or larger portfolios as well as single buildings throughout Berlin”, says Rabin Savion, CEO of ADO Properties. “This transaction enables ADO to continue to build a very balanced portfolio with property in inner city and outskirt locations with rent and value potential.”
Source: ADO Properties