{"id":1004087558,"date":"2013-11-26T09:38:34","date_gmt":"2013-11-26T17:38:34","guid":{"rendered":"https:\/\/www.commercialsearch.com\/news\/?p=1004087558"},"modified":"2022-12-08T20:54:17","modified_gmt":"2022-12-09T04:54:17","slug":"immofinanz-subsidiary-buys-m-f-portfolio-in-berlin-for-81m","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/immofinanz-subsidiary-buys-m-f-portfolio-in-berlin-for-81m\/","title":{"rendered":"IMMOFINANZ Subsidiary Buys M-F Portfolio in Berlin for $81M"},"content":{"rendered":"<p><i>By Eliza Theiss, Associate Editor<\/i><\/p>\n<p><a href=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2013\/11\/berlin_falckensteinstrasse.jpg\"><img loading=\"lazy\" decoding=\"async\" data-attachment-id=\"1004087562\" data-permalink=\"https:\/\/www.commercialsearch.com\/news\/immofinanz-subsidiary-buys-m-f-portfolio-in-berlin-for-81m\/berlin_falckensteinstrasse\/\" data-orig-file=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2013\/11\/berlin_falckensteinstrasse.jpg\" data-orig-size=\"1302,1771\" data-comments-opened=\"1\" data-image-meta=\"{&quot;aperture&quot;:&quot;0&quot;,&quot;credit&quot;:&quot;Ingo Heine&quot;,&quot;camera&quot;:&quot;&quot;,&quot;caption&quot;:&quot;&quot;,&quot;created_timestamp&quot;:&quot;0&quot;,&quot;copyright&quot;:&quot;Ingo Heine&quot;,&quot;focal_length&quot;:&quot;0&quot;,&quot;iso&quot;:&quot;0&quot;,&quot;shutter_speed&quot;:&quot;0&quot;,&quot;title&quot;:&quot;&quot;}\" data-image-title=\"berlin_falckensteinstrasse\" data-image-description=\"\" data-image-caption=\"\" data-large-file=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2013\/11\/berlin_falckensteinstrasse.jpg?w=753\" class=\"alignleft size-medium wp-image-1004087562\" alt=\"berlin_falckensteinstrasse\" src=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2013\/11\/berlin_falckensteinstrasse.jpg\" width=\"220\" height=\"300\" srcset=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2013\/11\/berlin_falckensteinstrasse.jpg 1302w, https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2013\/11\/berlin_falckensteinstrasse.jpg?resize=221,300 221w, https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2013\/11\/berlin_falckensteinstrasse.jpg?resize=768,1045 768w, https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2013\/11\/berlin_falckensteinstrasse.jpg?resize=753,1024 753w, https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2013\/11\/berlin_falckensteinstrasse.jpg?resize=1129,1536 1129w\" sizes=\"auto, (max-width: 220px) 100vw, 220px\" \/><\/a><\/p>\n<p>BUWOG, a wholly-owned subsidiary of IMMOFINANZ Group, has bought a 1,185-unit residential portfolio in the greater Berlin area, stemming from an insolvency estate. BUWOG shelled out $80.6 million (\u20ac50 million) for the package \u2013about $58 per square foot (\u20ac630 per square meter), declaring an 8.62 percent gross return. Combined, the properties amount to 854,891 square feet of leasable residential space.<\/p>\n<p>Of the 1,185 units 671 or about 60 percent are located in the eastern Berlin district of Marzahn-Hellersdorf, in the Berlin-Kaulsdorf neighborhood. And 407 apartments are located in Strausberg, a city nine miles distance from Berlin. Further units are located in Gr\u00fcnheide Mark (64), Sydower Flie\u00df (24) and Fredersdorf (19). The portfolio\u2019s overall vacancy rate is of 4.2 percent, but exists mainly in non-Berlin locations.<\/p>\n<p>The purchase of this portfolio has brought BUWOG\u2019s Berlin apartment holdings to 5,447 units and is in line with the company\u2019s acquisition strategy, which aims to create and grow a strong portfolio in northern Germany.<\/p>\n<p>&#8220;Berlin is still one of Germany&#8217;s most favorably priced large cities for rents and freehold flat prices\u201d, said Daniel Riedl, CEO of BUWOG &amp; COO of parent company IMMOFINANZ Group. \u201cA process of catch-up has been underway for several years, however. The residential package just acquired will bring good long-term returns; the vacancy rate is low.\u201d<\/p>\n<p>BUWOG has aggressively increased its German apartment portfolio throughout 2013, acquiring a total of 6,073 apartments in six transactions, of which two portfolios in Kassel, one of the transactions taking place in early November. The transaction saw BUWOG acquire 315 apartments for $12.13 million (\u20ac9.01 million) from Franconia Invest and CitCor Kassel.\u00a0 Further acquisitions include 885 units in L\u00fcneburg and Syke, a 582-apartment portfolio in Kiel and two separate acquisitions in Berlin, totaling 3,101 units. BUWOG currently holds 8,430 units in Germany and 27,100 units in Austria. The company also has several thousand units in its development pipeline, through its subsidiary, BUWOG Meermann, of which 1,600 units in Berlin and 3,000 in Vienna.\u00a0 BUWOG recently announced the completion of the 108-unit Danubio in Vienna, with the project fully sold out.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>BUWOG, a wholly-owned subsidiary of IMMOFINANZ Group, has bought a 1,185-unit residential portfolio in the greater Berlin area, stemming from an insolvency estate, for $81 million.<\/p>\n","protected":false},"author":49,"featured_media":1004087562,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[16,21783,21742],"tags":[],"class_list":["post-1004087558","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-international","category-investment","category-latest"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v28.0 (Yoast SEO v28.0) - 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