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.