27. Januar 2011 
Print
Print
Corestate completes sale of €39m residential portfolio in Berlin
Corestate Group has completed the sale of a Berlin-based residential portfolio to Zentral Boden Immobilien AG (ZBI) for €39 million. Comprising 894 apartments located in the districts of Britz and Rudow in Berlin, the portfolio offers more than 48,000 sq m of lettable space and is fully let. The Britz and the Rudow assets generate a rent between €5.00 and €6.00 per sq m. Great German Real Estate Advisory Team GmbH advised Corestate exclusively on the transaction.
Thomas Landschreiber, Chief Operating Officer of Corestate, said: "Beginning in the second half of 2010, we have seen a significant and continued increase in the demand for German residential assets. Driven by the speed of Germany’s economic recovery and its stable outlook, which points to secure investment returns over the medium term, this improvement in sentiment has led to Germany overtaking the UK as the most favoured investment location in Europe for unlisted real estate funds.
Thomas Landschreiber, Chief Operating Officer of Corestate, said: "Beginning in the second half of 2010, we have seen a significant and continued increase in the demand for German residential assets. Driven by the speed of Germany’s economic recovery and its stable outlook, which points to secure investment returns over the medium term, this improvement in sentiment has led to Germany overtaking the UK as the most favoured investment location in Europe for unlisted real estate funds.
