CORESTATE Group has completed the sale of a Berlin-based residential portfolio to Zentral Boden Immobilien AG ('ZBI') for 39 million.
Comprising 894 apartments located in the districts of Britz and Rudow in Berlin, the portfolio offers more than 48,000 m² of lettable space and is fully let. The assets generate a rent of between 5.00 and 6.00/m².
GREAT German Real Estate Advisory Team GmbH, based in Frankfurt, advised CORESTATE exclusively on the transaction.
Thomas Landschreiber, Chief Operating Officer of CORESTATE, said: "Beginning in the second half of 2010, we have seen a significant and continued increase in the demand for German residential assets. Driven by the speed of Germany's economic recovery and its stable outlook, which points to secure investment returns over the medium term, this improvement in sentiment has led to Germany overtaking the UK as the most favored investment location in Europe for unlisted real estate funds.
"We would like to thank GREAT in Frankfurt for managing the disposal process. GREAT's excellent network and access to potential investors was certainly a highly valued advantage."