CORESTATE-Group sells real estate portfolio with 8,200 units to ADLER Real Estate AG (DE)

CORESTATE announced the sale of a German real estate portfolio with 8,200 units to ADLER Real Estate AG within the framework of a share deal. The portfolio comprises over 7,700 residential and 490 commercial units and spreads out across almost all federal states in Germany. Regional focuses thereby are located in Saxony and Saxony-Anhalt such as in North Rhine-Westphalia. Total renting space of the residential and commercial units amounts to around 542,000 m².
By investing capital in targeted asset management activities the quality of the portfolio was consistently improved. Due to these measures the vacancy rate was reduced by six percentage points and rental income was increased. The parties have agreed to keep the sales price confidential.
Thomas Landschreiber, Chief Investment Officer of CORESTATE Capital comments: "This transaction marks the greatest sale since foundation of the CORESTATE-Group. Through implementing our capital investment programme as well as operating in the immediate vicinity of the assets we were able to successfully develop the operational income of the portfolio. By that we eliminated the existing maintenance backlog and improved the overall quality of the properties. Within the CORESTATE-Group we will expand our active asset management approach to other interesting European real estate markets."
Source: CORESTATE