Heitman LLC, a real estate investment management firm, has acquired a Berlin residential property as well as a seven-property portfolio in Southern Germany, for 31 million euros. The portfolio includes 239 residential units totaling more than 14,000 square meters, one commercial unit, and 42 parking spaces.
London, May 14, 2018 – Heitman LLC, a global real estate investment management firm, today announced the acquisition of a residential asset in Berlin, located in the growing Prenzlauer Berg district, and a seven-property portfolio located across Southern Germany.
The portfolio, acquired on behalf of an affiliate of Heitman, consists of 239 residential units totaling more than 14,000 square meters, one commercial unit, and 42 parking spaces. The properties are located in three key cities across Southern Germany: Göppingen, a town in the metro area of Stuttgart (Baden-Wurttemberg), Kaiserslautern (Rhineland-Palatinate), and Nuremberg (Bavaria).
The Prenzlauer Berg property, acquired for the same affiliate of Heitman, consists of 29 residential and commercial units and is located in a strong sub-market of Berlin with excellent access to transport infrastructure. The acquisition increases the portfolio’s allocation to Berlin, one of the most sought after and fastest growing real estate investment markets globally.
Commenting on the acquisitions, Sébastian Cavé, Managing Director of Acquisitions – Germany for Heitman said: “The acquisition of these properties is a great example of Heitman’s ability to source high-quality investments in growing German cities. The income-producing assets are entirely consistent with our strategy and have excellent potential for long-term income and capital growth. As such, they represent an ideal addition to the existing portfolio. We are delighted with the progress we have made in implementing our strategy to invest in residential properties in key cities and look forward to continuing to grow Heitman’s allocation to the living sector in Europe.”
Founded in 1966, Heitman LLC is a global real estate investment management firm with approximately $40 billion in assets under management. Heitman’s real estate investment strategies include direct investments in the equity or debt capitalization of a property or in the securities of listed and publicly traded real estate companies. Heitman serves a global client base with clients from North American, European, Middle Eastern and Asia-Pacific institutions, pension plans, foundations and corporations and individual investors.
Headquartered in Chicago, with offices in Los Angeles, London, Luxembourg, Frankfurt, Munich, Warsaw, Hong Kong, Seoul, Tokyo, and Melbourne, Heitman’s more than 325 employees offer specialized expertise – from a specific discipline to local insight.