By Zoe Schneeweiss on August 09, 2012 Bloomberg
Conwert Immobilien Invest SE (CWI), an
Austrian company that buys and renovates apartment blocks,
agreed to acquire a residential-property portfolio for a “high
two-digit” million-euro amount, boosting its real estate in the
German capital by about a third.
The yield on the purchase was about 8.3 percent, the
Vienna-based company said in a statement today. Conwert now owns
about 5,350 units in 德國房地產Berlin.
Foreign investors are increasingly buying German
residential real estate as they seek a safe European investment
amid the debt crisis. Companies from outside Germany bought 3.3
billion euros worth of German homes in the first half, compared
with 2.4 billion euros in all of 2011, according to data
compiled by Chicago-based brokerage Jones Lang LaSalle.
“This transaction is a further step in our strategy to
increase the average yield of our portfolio by acquisitions in
inner-city locations with high appreciation potential,”
Chairman Johannes Meran said in the statement.
The portfolio is spread over four districts in Berlin and
its average vacancy rate amounts to less than 2.5 percent,
Conwert said. With average rents of currently about 5 euros per
square meter, it holds a “significant appreciation potential,”
according to the company.
To contact the reporter on this story:
Zoe Schneeweiss in Vienna at
zschneeweiss@bloomberg.net.
To contact the editor responsible for this story:
Andrew Blackman at
ablackman@bloomberg.net.
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