(CercleFinance.com) – The real estate group Covivio announced on Monday that it had strengthened its residential portfolio with the acquisition of several apartment buildings in Berlin.
The portfolio acquired from Nox Capital covers more than 640 homes located in dynamic districts of Berlin, such as Chalottenburg-Wilmersdorf, Friedrichshain-Kreuzberg and Tegel.
Covivio – which already owns and manages more than 17,000 homes in the Berlin residential market – notes that the portfolio consists of typical Berlin-style buildings dating from the 1900s to 1930s, as well as a modern residential complex with capped rents.
The operation represents a total investment of 154 million euros (95 million euros group share).