CORESTATE sells EUR100m German commercial and residential portfolio
Private equity real estate investor CORESTATE Capital has completed the sale of a German commercial and residential real estate portfolio for more than EUR100 million, to two separate buyers.
The properties have been bought by an AIM-listed property company which has a focus on Berlin, and a German closed-ended fund, following the completion of a significant repositioning programme.
The portfolio comprises 1,250 commercial and residential units which are situated throughout the city of Berlin. The portfolio, which had suffered from a significant maintenance backlog prior to CORESTATE’s takeover has since been repositioned through targeted capital expenditure and a programme of active asset management.
Thomas Landschreiber (pictured), Chief Operating Officer of CORESTATE, says: “This transaction builds on CORESTATE’s strong track record of value creation through active asset management. The exit price achieved surpassed our original expectations and demonstrates the strength of our platform and expertise in extracting value. We will continue to selectively build up our portfolio of stressed and distressed transactions in Europe with a focus in Germany, which continues to be a primary destination for international capital.”
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