Peakside Capital has sold a nationwide German residential portfolio with more than 800 apartments to a special fund managed by Patrizia Immobilien AG. The portfolio also includes 13 commercial units as well as 369 parking spaces.
During the last two years, Peakside Capital executed comprehensive asset management initiatives to enhance the capital value. Rent levels have since been adjusted to the new standards.
“Now was the right time to put this stable residential portfolio in the market and gain from the positive market sentiment for residential properties,” says Boris Schran, one of Parkside's founding partners.
“The apartments formed part of a portfolio that was originally acquired in 2008. With the sale of these remaining assets, the Value-Add-Fonds PREF I has been fully realised within the original timeframe. Although many assets of the fund had been acquired before the financial crisis, Peakside didn´t suffer a single loss-making deal and has successfully returned 1.7x the equity to investors. The team deserves to be proud of this,” argues Stefan Aumann, also the founding partner of Peakside Capital.
The portfolio comprises assets located in 14 locations in Germany with a focus on the south and the city of Berlin. In total, the rental area of the portfolio is 60,000 m². The majority of the assets are in good micro-locations. Most of the assets were built in the 1950s and 1960s.
BNP Paribas Real Estate GmbH advised on the transaction process. Peakside Capital was legally advised by CMS Hasche Sigle in Cologne.
