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| Bouwfonds REIM acquires properties in Norway and Germany The Bouwfonds European Residential Fund has signed purchase agreements in Germany and Norway, following sustained investor appetite. The Fund recently acquired two residential properties in Germany. The first asset is a multi-family property located in the district of Charlottenburg in West Berlin. Valued at approx. EUR 8 million, the property encompasses 73 apartments, three commercial units as well as 27 underground parking spaces. Constructed at the end of the 1980s, it was designed by the famous architect Prof. Hans Kollhoff. The second transaction concerns a recent multi-family property located in Karben near Frankfurt. The property, which is valued at approx. EUR 11 million, includes 126 apartments and 137 parking spaces. Both transactions follow insolvency proceedings and the assets could be acquired at a substantial discount. The third acquisition is a serviced apartment residence in a highly attractive location in the city centre of Oslo, Norway. The property features 30 fully furnished apartments and has a value of approx. EUR 10 million. The building underwent a complete refurbishment process in the first half of 2009. The transaction was an off-market deal which was concluded directly with the operator. Set up just prior to the financial crisis, the Bouwfonds European Residential Fund has enjoyed continuous capital inflow from institutional investors, with a strong increase over the last months. The war chest of capital raised will pave the way for further acquisitions in 2010. Whilst acquisitions in Germany remain in focus, the Fund's acquisition pipeline includes properties in France, the Netherlands, Belgium and Sweden. write your comments about the article :: © 2010 Construction News :: home page |