CBRE Investment Management acquires €360m residential portfolio in Berlin
CBRE Investment Management (CBRE IM), on behalf of investment programs sponsored by the firm, has exchanged contracts to acquire a €360 million ($382 million) residential portfolio in Berlin, providing about 1,200 residential apartments. The vendor is Vonovia.
The entire 91,275-square-meter (982,476-square-foot) multifamily residential portfolio — all newly built or delivered in stages with full completion by mid-2024 — comprises 16 buildings in three different locations in Berlin. The portfolio is of modern design, high quality, and strong sustainability credentials. All apartments have a balcony or terrace, underfloor heating, and local district heating is used to meet heating and hot-water requirements. The apartments are all within walking distance of local amenities and transport hubs connecting to Berlin’s city center.
“We have been provided a fantastic opportunity to add to the high-quality residential portfolio that we acquired earlier this year,” s