(Boursier.com) — CDC Real Estate Investment and Covivio announce the signing of a strategic partnership in Germany on a predominantly residential portfolio located in the center of Berlin.
The partnership provides for the acquisition by CDC Investissement Immobilier, on behalf of Caisse des Dépôts, of a 49% stake in a portfolio (39% from Covivio Immobilien, a 61.7% subsidiary of Covivio, and 10% from Covivio).
The portfolio, representative of Covivio’s Berlin residential portfolio, includes 8 assets located in several of the most attractive districts of Berlin (Charlottenburg, Halensee, Schöneberg, Mitte, Prenzlauer Berg, Friedrichshain, Lichtenberg and Steglitz). The portfolio totals approximately 70,000 m(2), including 770 apartments, 15,800 m(2) of commercial space and a public car park with 274 spaces.
This operation was signed on the basis of a portfolio valuation of €274 million (at 100%), in line with the appraisal values at the end of December 2023. The mortgage financing backed by the portfolio will be maintained in place.
The creation of this joint venture illustrates CDC Investissement Immobilier’s interest in the Berlin residential market, underlines the quality of the heritage and the know-how of the local Covivio teams. They will continue to ensure the asset and property management of the portfolio, in particular by deploying an ambitious strategy to improve the environmental performance of the portfolio by 2030, in line with the ESG objectives of the two partners.
This operation, major for the German residential sector, will also contribute €93 million (Group share) to Covivio’s disposal program.
The finalization of the transaction, subject to customary conditions precedent, is scheduled for the 2nd quarter of 2024.
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