Corestate Group sells German residential portfolio for EUR77m
Corestate Group has disposed of a German residential portfolio with about 2,000 units to two institutional investors for about EUR77m.
The properties are located in medium-sized cities in the German states of Bavaria, Bremen, Hesse, Lower Saxony, North Rhine-Westphalia, Saxony and Schleswig-Holstein.
Thomas Landschreiber, chief operating officer at Corestate Capital, says: “Due to our broad-based property and asset management platform we were able to increase the value of this scattered portfolio. By investing capital, the overall state of the assets was improved and vacancy rates were lowered. This acquisition by two institutional investors shows that stable properties in Germany – even outside the top cities – remain a popular and liquid asset class.”
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