Prelios: 1,500 Residential units sold in Berlin

The Prelios Group announces that the Resident Berlin 1P&K GmbH, a joint venture participated by Prelios, has signed a contract to sell 1,503 residential units to the German institutional investor, Howoge Wohnungsbaugesellschaft mbh. The properties are located in Treptow-Köpenick, Berlin, and their vacancy rate is less than 2%.

The transaction was concluded for €93 million, in line with market values, and generated an impact on the Prelios Net Financial Position of approx. 10 million euro. Moreover the Prelios German services platform benefits from the positive effect on the operating result of about €1 million, deriving from the fees relating to the sale of the assets. Prelios will continue to provide management services for the portfolio sold for a period of around 12 months.