ADO Properties sells Berlin residential portfolio for €920m

ADO Properties has plans to sell a residential portfolio in Berlin for €920 million ($1 billion) to Gewobag Wohnungsbau Aktiengesellschaft Berlin.

The portfolio consists of 23 properties, totaling 5,800 residential apartment units, spanning across the Spandau and Reinickendorf districts in western and northern Berlin.

“When we acquired the portfolios in 2015, some of the properties and outdoor facilities were no longer up-to-date and in need of renovation. We have spent significant time and effort in renovation of residential units and green spaces and bringing them up to modern tenant needs,” explained Ran Laufer, CEO of ADO Properties. “We are always seeking ways to improve the quality of the properties we own for those who live there and create value that is sustainable — not only from a financial point of view. We have therefore strengthened and promoted tenants' sense of community and responsibility for their neighborhood with events such as neighborhood