PAMERA acquires residential property portfolio in northern Germany
Real estate multi-family office PAMERA Real Estate Partners (PAMERA) has acquired a 186-unit residential property portfolio in northern Germany. The vendor is a private investor and the purchase price is around EUR25 million.
One of the properties purchased is a residential complex in Buxtehude, Lower Saxony. Comprising seven separate buildings, it has a total residential floor area of almost 8,000 square metres. The portfolio also includes three residential properties in Schwerin. Situated in the state capital of Mecklenburg-Western Pomerania, the assets have a combined lettable area of some 1,100 square metres.
Christoph Zapp, founder and managing partner of PAMERA, says: "PAMERA is further strengthening its residential expertise with this acquisition. It is planned to retain the properties in the long term and make further acquisitions in the next 12 months. The focus is on existing properties in metropolitan regions, with an average rental multiplier of 24.
Böttcher & Fischer Rechtsanwälte provided legal advice to PAMERA. The technical due diligence was carried out by ARGOS Projektmanagement GmbH, Munich. The vendor gave BNP Paribas Real Estate exclusive instructions to facilitate the transaction.