BlueRock Group sold the remaining properties in the BlueRock Fund PCC Ltd Cell H - Berlin Residential Growth (Fund) to individual private investors. The fund is therefore being liquidated.
The condominium apartments that have just been sold, formed part of the LYTZ development in the Tiergarten area of Berlin’s Mitte district. The improvements carried out included modernising the 100 or so existing flats, adding another storey to the building and improving the landscaping on the site. In addition, a new side wing with a further 14 flats was built. The property has a total living space of around 1,550m2.
The fund vehicle launched in 2015 also included Karl-Heinrich-Ulrichs-Strasse 16, in Berlin-Tiergarten, and Johannisberger Str. 3 in Berlin-Wilmersdorf, both of which were refurbished and extended to include modern penthouse apartments. The around 35 residential units there had already been sold.
Ronny Pifko, Managing Partner and co-founder of the BlueRock Group, comments: "The fund project that has now been successfully completed is the first that we initiated in Berlin. To take advantage of the strong demand from investors and the outstanding potential of Berlin's residential property market, other projects followed. We are continuing to expand our activities in 2024, enabling us to provide highly sought-after modern residential accommodation in Berlin while creating attractive investment opportunities for our investors."
The fund had an investment volume of around €40m, with investors comprising family offices and high-net-worth private individuals. Development and asset management was carried out by MB Advisors, BlueRock’s Berlin asset management partner, which manages over 1,000 BlueRock Group apartments in the city.
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