CORESTATE Group sells €100 mln. German commercial and residential portfolio (CH/DE)
Wednesday 23 May 2012
CORESTATE Capital, a specialist private equity real estate investor based in Zug/Switzerland, announces that it has completed the sale of a German commercial and residential real estate portfolio for more than €100 million, to two separate buyers.
The properties have been bought by an AIM-listed property company which has a focus on Berlin, and a German closed-ended fund, following the completion of a significant repositioning program.
The portfolio comprises 1,250 commercial and residential units which are situated throughout the city of Berlin. The portfolio, which had suffered from a significant maintenance backlog prior to CORESTATE’s takeover has since been repositioned through targeted capital expenditure and a program of active asset management.
Thomas Landschreiber, Chief Operating Officer of CORESTATE, said: “This transaction builds on CORESTATE’s strong track record of value creation through active asset management. The exit price achieved surpassed our original expectations and demonstrates the strength of our platform and expertise in extracting value. We will continue to selectively build up our portfolio of stressed and distressed transactions in Europe with a focus in Germany, which continues to be a primary destination for international capital.”