conwert takes over residential portfolio in Berlin (AT/BE)

The Austrian ATX-traded conwert Immobilien Invest SE acquires a residential property portfolio in Berlin with a yield on purchase of approx. 8.3%. As a result, conwert expands its portfolio in Berlin by roughly one third to about 5,350 units.

"This transaction is a further step in our strategy to increase the average yield of our portfolio by acquisitions in inner-city locations with high appreciation potential," said Johannes Meran, Chairman of conwert's Administrative Board.

The portfolio is spread over four districts in Berlin and its average vacancy rate amounts to less than 2.5%, with a significant appreciation potential at an average rent of currently roughly €5/m².

"With the purchase of this portfolio we are strengthening our presence in our core market Berlin considerably. This also enables us to realize economies of scale in the asset and property management", said Jürgen F. Kelber, Executive Director of conwert.

In the course of this transaction, conwert will expand the service business, thus consistently implementing the strategy of investing in residential properties. conwert plans to benefit from further growth opportunities in the future by carrying out selected acquisitions in metropolitan areas with considerable appreciation potential.

The transaction is subject to approval by the antitrust authorities.

Source: Conwert

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