CBRE Investment Management (CBRE IM) is acquiring a German residential portfolio Vonovia SE. The total value is €444.8m.
The first batch of properties includes 1,200 apartments in Berlin for a purchase price of €357m. The portfolio comprises 16 apartment buildings with a total area of 91,275m2, which are either newly built or which will be completed in stages by mid-2024.
The second part of the portfolio is located Dresden and comprises 1,213 apartments. It is the municipal housing company of the state capital of Dresden, Wohnen in Dresden GmbH & Co. KG (WiD). The price for the entire portfolio totals €87.8m. Vonovia is also selling undeveloped plots of land in Dresden with an area of c. 12ha to the state capital. The completion of the purchase agreement is subject to the approval of the Dresden City Council.
Dentons has advised Vonovia on this deal.
Image provided by Dentons.
