JER and ECA have been working closely together over the past two years to identify off-market opportunities with strong capital growth potential mainly in the residential market in Berlin. This deal marks the final transaction in this series of acquisitions.

"This deal with ECA demonstrates our joint commitment to invest in the attractive economics of the Berlin residential market," says Malcolm Le May, president of JER Europe.

Over the past two years, JER and ECA have acquired 88 properties from 41 owners, comprising more than 3,700 flats and more than 400 commercial units in a number of separate portfolio transactions here. The joint venture partners believe the assets are in good locations and are generally undermanaged. They plan to increase the value of their investments through active asset management. A program of refurbishment and modernization is expected to facilitate rental growth.

"Together we have identified and purchased portfolios of properties which we believe have very strong growth characteristics," says Hans-Peter Stoessel, co-founder and owner of ECA. "The combination of our complementary skills and the shared philosophy of identifying mispriced assets and then employing active asset management, redevelopment and market positioning to enhance and maximize value, is a major plank of our successful acquisition strategy."

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