CDC Investissement Immobilier, Covivio form a strategic partnership in Germany

CDC Investissement Immobilier, a subsidiary of Caisse des Dépôts, has formed a strategic partnership in Germany with Covivio.

The transaction was signed on the basis of a portfolio valuation of €274 million ($293 million).

CDC will acquire a 49 percent stake in a predominantly residential portfolio in the center of Berlin, (39 percent from Covivio Immobilien, a subsidiary 61.7 percent owned by Covivio, and 10 percent from Covivio)

The portfolio, which is representative of Covivio’s Berlin residential portfolio, comprises 8 assets located in several of Berlin’s most attractive districts (Charlottenburg, Halensee, Schöneberg, Mitte, Prenzlauer Berg, Friedrichshain, Lichtenberg and Steglitz). The portfolio totals around 70,000 square meters (753,474 square feet), including 770 flats, 15,800 square meters (170,070 square feet) of commercial space and a 274-space public car park.

Covivio will continue to provide asset and property management for the p