The Danish investors Topdanmark Livsforsikring and PKA have sold a jointly held real estate portfolio to IMMEO AG for a consideration of EUR240 million.
The portfolio consists of 3,400 apartments and 100 commercial units and is located in Berlin and Dresden with a total rented area of more than 200,000.00 square metres.
The execution of the agreement requires approval by the German Federal Cartel Office.
CMS Hasche Sigle advised the sellers in connection with the acquisition of the real estate which has now been sold as portfolio.
Topdanmark Livsforsikring is the real estate subsidiary of one of the biggest insurance companies. PKA administers the financial interests of various Danish occupational pension funds. IMMEO AG is the subsidiary of the French Foncière Développement Logements.