CBRE Investment Management Acquires Newly Built Residential Portfolio with 1,350 Apartments in Germany for a total of ca. € 560m
May 4, 2023
CBRE Investment Management (“CBRE IM”) has exchanged contracts to acquire, on behalf of several investor solutions sponsored by the firm, a €560 million residential portfolio of five multi-family assets, providing 1,350 apartments in Germany. The vendor is Vonovia.
The entire residential portfolio, all newly built or delivered in the next few months, comprises five buildings of which two are located in Berlin, two in Munich, and one in Frankfurt. The assets are centrally located and are well-connected with public transport, and local amenities are in close proximity.
“To have secured this deal in Germany – one of the strongest residential markets in Europe1 - represents the strength of the CBRE IM platform. We have proven capabilities to transact at scale for a number of different capital sources. With long-term structural drivers, the residential sector is proving attractive to investors, and we will continue to seek investment opportunities with the aim to invest €1.5 billion across Europe this year,” commented Marius Schöner, Head of EMEA Residential Operator Division at CBRE Investment Management.
Sebastian Ehrhardt, Head of Transactions Germany at CBRE Investment Management added “We’re very pleased to have acquired these high-quality assets that meet our affordability, sustainability, and investment requirements. All five buildings have been built to high ESG specifications with energy efficiency features. We remain focused on finding investment opportunities in the large metropolitan areas in Germany either standing investments or developments.”
With this acquisition, CBRE IM’s residential assets under management in EMEA are circa €6.8 billion2 for Direct Real Estate Strategies.
CBRE IM was advised by E&Y (tax and financial), Linklaters (Legal) as well as CBRE Capital Markets and CBRE Building Consultancy.
1Multiple sources - RCA, PMA, Oxford Economics, CBRE, JLL, Destatis
2AuM as of 30th of April 2023 including developments under construction
About CBRE Investment Management
CBRE Investment Management is a leading global real assets investment management firm with $148.9 billion in assets under management* as of March 31, 2023, operating in more than 30 offices and 20 countries around the world. Through its investor-operator culture, the firm seeks to deliver sustainable investment solutions across real assets categories, geographies, risk profiles and execution formats so that its clients, people and communities thrive.
CBRE Investment Management is an independently operated affiliate of CBRE Group, Inc. (NYSE:CBRE), the world’s largest commercial real estate services and investment firm (based on 2022 revenue). CBRE has approximately 115,000 employees (excluding Turner & Townsend employees) serving clients in more than 100 countries. CBRE Investment Management harnesses CBRE’s data and market insights, investment sourcing and other resources for the benefit of its clients. For more information, please visit www.cbreim.com.
*Assets under management (AUM) refers to the fair market value of real assets-related investments with respect to which CBRE Investment Management provides, on a global basis, oversight, investment management services and other advice and which generally consist of investments in real assets; equity in funds and joint ventures; securities portfolios; operating companies and real assets-related loans. This AUM is intended principally to reflect the extent of CBRE Investment Management’s presence in the global real assets market, and its calculation of AUM may differ from the calculations of other asset managers and from its calculation of regulatory assets under management for purposes of certain regulatory filings.