CBRE Investment Management has exchanged contracts to acquire a portfolio of 1,350 new apartments in Germany for around €360 million.
The CBRE Investment Management (CBRE IM) portfolio, all newly built or delivered in the next few months, comprises five buildings. Two are in Berlin, two in Munich, and one in Frankfurt.
The new apartments are being acquired on behalf of several investor solutions. The seller is Vonovia.
Marius Schöner, Head of EMEA Residential Operator Division at CBRE Investment Management, says,
“To have secured this deal in Germany — one of the strongest residential markets in Europe – represents the strength of the CBRE IM platform. We have proven capabilities to transact at scale for a number of different capital sources. With long-term structural drivers, the residential sector is proving attractive to investors, and we will continue to seek investment opportunities with the aim to invest €1.5 billion across Europe this year.”
Sebastian Ehrhardt, Head of Transactions Germany at CBRE Investment Management, says, “We’re very pleased to have acquired these high-quality assets that meet our affordability, sustainability, and investment requirements. All five buildings have been built to high ESG specifications with energy efficiency features. We remain focused on finding investment opportunities in the large metropolitan areas in Germany either standing investments or developments.”
With this acquisition, CBRE IM’s residential assets under management in EMEA are circa €6.8 billion for Direct Real Estate Strategies.
CBRE IM was advised by E&Y (tax and financial), Linklaters (Legal), CBRE Capital Markets and CBRE Building Consultancy.