Covivio announces the acquisition of a residential portfolio with more than 640 units located in the most dynamic districts of Berlin, from the Berlin based investment company Nox Capital. With this operation, representing a total investment of €154M (€95M Group Share), Covivio reinforces its presence in the Berlin residential market, where the group already owns and manages on a long-term perspective more than 17,000 units.
All properties are located in attractive inner-city locations with excellent public transport connections, such as Charlottenburg-Wilmersdorf, Friedrichshain-Kreuzberg, Tempelhof-Schöneberg and Tegel.
The portfolio includes classic Berlin apartment buildings from the 1900s-1930s, and a modern residential complex with subsidized rents.
Covivio intends to deploy its successful asset and property management approach on this portfolio, meaning conduct a works program to upgrade the overall quality and comfort of the housing; focus on environmental performance thanks to dedicated measures; and realize, when relevant, extensions or densifications programs to provide new apartments to the growing Berlin population.
Covivio, rated as fairest landlord for the third time , offers quality apartments and services to all kinds of clients. This transaction illustrates Covivio’s ability to identify the best opportunities, in line with its strategy and the know-how of its team in the heart of German cities.
In 2022, we will continue to expand our rental housing stock and pursue our investment strategy to strengthen our presence in the Covivio core markets of Berlin, Hamburg, Dresden, Leipzig and North Rhine-Westphalia. Keeping in mind our triple objective of creating value, improving the environmental quality of the portfolio and designing a residential offer adapted to each market.Dr. Daniel Frey
CEO Covivio in Germany