Wednesday, 1 April 2015
ADO Properties acquires Berlin portfolio from Deutsche Wohnen AG for €375 mln (DE)
ADO Properties has signed an agreement with Deutsche Wohnen AG for the acquisition of a portfolio with around 5,750 residential units in Berlin and thus enlarges its portfolio to approximately 14,000 residential units.
ADO Properties has a pure-play Berlin residential portfolio and focuses on locations where the company expects continued growth. The acquired portfolio is located in the districts Spandau and Reinickendorf with properties built in the 1960’s and 1970’s. Both companies agreed on an acquisition price of €375 mln.
“We see great value potential and high demand for apartments in the outskirts of Berlin since rent levels are continuously rising in inner-city locations over the past years along with a decline in available residential units”, says Rabin Savion, CEO of ADO Properties. “We are convinced that demand will grow in the outskirts to benefit from more affordable rents.”