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| Corestate Group acquires Berlin portfolio Swiss-based private equity real estate firm Corestate Group has acquired a residential and commercial real estate portfolio comprising 40 properties. The portfolio offers slightly lower than market rental levels and assets are mostly located in sought after micro-locations in the city of Berlin. The size of the transaction is approximately €160 million. The portfolio also includes a €35 million project development in the city-center. Corestate Group plans to invest significant capex amounts to further improve profitability and the already good asset quality in the next years. These properties had all been acquired by a foreign investor during the peak cycle of the German real estate market. The existing bank financing with attractive terms will be assumed. It is part of a securitized loan conduit. write your comments about the article :: © 2010 Construction News :: home page |