CBRE Investment Management (CBRE IM) has exchanged contracts to acquire a residential portfolio of five multi-family assets providing 1,350 apartments in Germany for a total of €560 million. The vendor is German listed group Vonovia. The entire residential portfolio, all newly built or delivered in the next few months, comprises five buildings of which two are located in Berlin, two in Munich, and one in Frankfurt. The assets are centrally located and are wellconnected with public transport and local amenities are in close proximity. Two of the five properties are in the final stage of construction with completion expected by end of August 2023. In a statement, Vonovia said that the book value of the properties as of 31st of Decemeber, 2022, and the anticipated costs for completion amount to around €600 million. The closing of the sale is expected during the second and third quarter of 2023.
Soruce: Property EU on the 4th of May 2023