Blackstone buys 2,500 apartments in Berlin

Blackstone’s European Core+ platform has acquired a residential portfolio in Central Berlin from a joint venture that includes, among others, KauriCAB Management GmbH and Apeiron/Ailon.

The sales price was not disclosed.

The portfolio is principally comprised of 2,500 residential units located in Berlin, the majority of which are concentrated in the prime inner-city districts, with additional units in Brandenburg and Magdeburg.

“This acquisition is consistent with Blackstone Property Partners Europe’s strategy to acquire well-located residential properties in growth cities and to hold and manage them on a long-term basis on behalf of our investors,” said James Seppala, head of European real estate at Blackstone. “Berlin continues to benefit from strong demographic and economic trends, and we are excited by the opportunity to expand our German residential platform in one of Europe’s most dynamic cities.”