BERLIN—Apartments are clearly a good bet in Europe as well. Union Investment Institutional Property GmbH, one of Europe's major asset managers, gives proof of that with its most recent acquisition.
The Frankfurt-based manager has just snapped up three apartment blocks here, totalling 1,384 units. Calls for comment and further detail were not returned by deadline, but the total price of the purchase was 87 million (Euro) or $115.6 million (US).
“This acquisition continues our strategy of buying residential property in Berlin for this single-investor fund,” says Dr. Christoph Schumacher, a member of the management team at UIIP, in a statement.
This is the second purchase, done in the name of one of UIIP's institutional funds, that the firm has made with Dupuis GmbH & Co. Asset-Management KG of Berlin. The first was the 223-unit The Ortlergarten complex, also in Berlin, which is the primary locational focus of the fund. There remains roughly $159.5 million (US) in the fund for additional investments.
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John Salustri
John Salustri has covered the commercial real estate industry for nearly 25 years. He was the founding editor of GlobeSt.com, and is a four-time recipient of the Excellence in Journalism award from the National Association of Real Estate Editors.
