Union Investment Institutional Property GmbH has acquired three apartment blocks located in Berlin and comprising 1,384 units for a total purchase price of 87 million.
Union Investment purchased the residential portfolio for one of its institutional real estate funds. "This acquisition continues our strategy of buying residential property in Berlin for this single-investor fund," said Dr. Christoph Schumacher, a member of the management team at Union Investment Institutional Property GmbH. Portfolio and asset management is being handled by Dupuis GmbH & Co. Asset-Management KG, Berlin.
"We have an excellent working relationship with Dupuis; this second transaction on behalf of the fund has again shown how compelling the choice of partner was," added Schumacher. The Ortlergärten complex in Berlin has already been acquired for the fund portfolio. The institutional fund currently has capital of around 120 million available for additional investments. The fund's investment strategy is essentially conservative, i.e. the focus is on solid returns and economic sustainability.
Source: Union Investment