MEAG Munich Ergo Asset Management GmbH completed its acquisition of three apartment buildings in Berlin, Germany from Trei Real Estate GmbH for an undisclosed amount.
The three buildings, situated in the city’s Prenzlauer Berg and Mitte districts, have 544 rental apartments in total with one to five rooms, 179 parking spaces and about 36,000 square meters of living space in total, according to a May 6 news release from MEAG. The buildings also have commercial spaces totaling about 7,000 square meters on the ground floor, which is being leased by supermarkets Edeka Zentrale Stiftung & Co. KG and Rewe-Zentralfinanz EG.
Dr. Stefan Haas, Managing Director at MEAG said:
“By adding the new-build units of Trei, we are expanding our real estate portfolio in Germany to include new residential buildings of the finest quality in premium locations. Even in Germany, the current market environment has begun to offer a growing number of opportunities in all relevant use classes again. As investment arm of insurance companies, investing their equity capital gives us an advantage over those competitors who rely on debt financing.”
Pepijn Morshuis, CEO of Trei said:
“I am glad we were able to close this deal successfully even in challenging times like these. Like in previous collaboration with MEAG on retail real estate transactions, we once again did so in a spirit of partnership.”
One building in Prenzlauer Berg has 187 residential units while the second building in the district has 240 residential units, and the third building at Fürstenberger Strasse 8 has 117 residential units. All three buildings have an occupancy rate of 99%.