Deutsche Investment has acquired a housing estate in Berlin-Neukolln which comprises 286 flats and two commercial units with a combined lettable area of around 16,500m². The acquisition was done within the framework of an individual mandate for an institutional investor account that Deutsche Investment manages in association with EB GROUP. The estate was sold by a private owners’ association. The transfer of rights and duties is scheduled to take place on 01 October 2019. The parties have agreed not to disclose the purchase price.
The surroundings of the housing estate in the Britz sub-district blend urban charm with the almost rural idyll of suburbia: diverse shopping venues, restaurants and cultural amenities are spread throughout the immediate vicinity, as are extensive green areas, such as Britzer Garten or the former grounds of Tempelhof Airport. The properties lie within walking distance of public transportation links, the central rapid transit and underground station “Hermannstrasse” on the circle line is only a few minutes away. The building cluster divides into six residential properties and is fully occupied. The average dwelling size is about 57m².
“We succeeded in procuring a well-appointed housing estate in one of Berlin’s fastest-growing boroughs within a very short period of time. Finding properties in such a keenly sought micro-environment has become very hard in the present market. Here, our investor benefits from the deep market penetration of our regional network and from our connections to relevant market players that have evolved over many years,” said Patrick Gehring, Head of Transaction Management at Deutsche Investment KVG.
“Berlin’s residential property market remains as attractive as ever for investments. On behalf of an institutional investor, we are committed mainly to the preservation of capital, the generation of steady revenues and long term ownership, and in these regards, the fundamentals in Berlin remain favourable now as then,” added Eitel Coridass, Managing Director for Sales & Investment Management at Deutsche Investment KVG.