Deutsche Investment just acquired the “Two Eleven” portfolio that the Munich-based real estate entrepreneur held in the entities BS Lebenswert GmbH and B‘ Wohnbar GmbH & Co. KG. The name of the portfolio refers to the eleven properties included and the fact that these are located in two cities, Frankfurt am Main and Leipzig. The acquisition was completed on behalf of the “Deutsche Investment – Wohnen Deutschland I” institutional property fund.
The portfolio includes a total of 116 units, which break down into 107 residential and 9 commercial units. It covers a total lettable area of nearly 8,500 square metres, and is handed over in a fully occupied state. The purchase price was c. EUR 28.8 million. “The properties in either city are located in central district locations, and were constructed between 1905 and 1966. All of them represent high-quality properties with comparatively high energy ratings. On the whole, the overall portfolio offers a robust value-add potential, and we will employ our active asset management approach to capitalise on it and to subject the properties to sustainable further development in line with our business strategy,” explained Gilbert Merz, the transaction manager of Deutsche Investment Kapitalverwaltung AG in charge of the transaction. During the transaction process, Deutsche Investment was advised on legal aspects by the law firm GÖRG Partnerschaft von Rechtsanwälten and in regard to the technical due diligences by Drees & Sommer. BNP Paribas Real Estate acted as estate agent on the seller side.
Gilbert Merz, who joined Deutsche Investment in October 2021 and who opened the branch office in Frankfurt, is responsible for the transaction management in the south-western region of Germany. “With a dedicated presence on the ground in Frankfurt, we now have direct market access in the Rhine-Main metro area as well, making it yet another German region where local know-how enables us to identify promising investment opportunities. Going forward, Gilbert Merz will successively enlarge our transaction management team and expand our portfolios in sync with the other teams, and thereby generate stable earnings via our investment solutions in the residential assets class for our investors,” elaborated Enver Büyükarslan, Director for Sales and Transaction Management at Deutsche Investment Kapitalverwaltung AG.