PRELIOS: 1,500 residential units sold in Germany for a total value of €93 million (DE)

The Prelios Group announced that the Resident Berlin 1P&K GmbH, a joint venture participated by Prelios, has signed a contract to sell 1,503 residential units to a German institutional investor.

The properties are located in Berlin, and their vacancy rate is less than 2%.

The transaction was concluded for €93 million, in line with market values, and generated an impact on the Prelios Net Financial Position of approx. €10 million.

Moreover the Prelios German services platform benefits from the positive effect on the operating result of about €1 million, deriving from the fees relating to the sale of the assets.

Prelios will continue to provide management services for the portfolio sold for a period of around 12 months.

Source: Prelios

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