Corestate sells 51 mln German residential portfolio (CH/DE)
Tuesday 28 August 2012
CORESTATE Capital, a specialist private equity real estate investor based in Zug/Switzerland, announces that it has completed the sale of a residential real estate portfolio located in major cities and metropolitan areas of Germany for 51 million.
The assets were sold as part of a portfolio repositioning program to a foreign investor and several private individuals at a rental yield of 6% or 950/mē. A portion of the portfolio is located in the inner city districts of Berlin whilst the rest is spread across the cities of Frankfurt, Dresden and Leipzig as well as urban areas of Lower Saxony.
Thomas Landschreiber, Chief Operating Officer of CORESTATE, said: "This transaction reflects the high level of demand for German real estate at the present time. CORESTATE identified and detailed a value enhancing asset management program for this portfolio, which will be provided to the buyer as part of the terms of the transaction.
"We are going to pursue our anti-cyclical strategy across all asset classes and locations and plan to engage in an increasing number of transactions, both on the acquisition and disposition side, following the accelerating impact of tightening credit markets on the real estate industry."