Domicil Real Estate AG has acquired a residential complex in Berlin Treptow-Köpenick as part of a joint venture with Baywobau, the new main shareholder of Domicil Real Estate AG. The complex, which consists of 18 houses, 143 residential units and 75 parking spaces, was purchased via an asset deal. The total area of the almost fully let properties is 11,343 m².
The residential complex in Berlin's Altglienicke district was built in 1996. The three- to four-storey buildings with average apartment sizes of 79 m² have already been divided in accordance with the Residential Property Act (WEG) and are to be marketed in individual sales in the near future. In recent years, extensive maintenance measures, such as a roof and façade renovation and a complete window replacement, have been carried out.
"The demand from private investors for residential real estate for retirement provision is immense. With this joint purchase with Baywobau, we are showing that we can also meet the demand for low-risk, well-rentable residential properties. Our sales pipeline is well filled and further acquisitions are already being planned," says Daniel Preis, Co-CEO and CSO of Domicil Real Estate AG.
"It's a very satisfying start for us. We see an increasing demand for residential real estate as an investment and are now relying on Domicil's strong sales network to pass on the apartments to small investors," says David Hofmann, Managing Partner of Baywobau, who has also been a member of the Management Board and CDO of Domicil Real Estate AG since October of this year.
The seller of the property is a family office from southern Germany. On the broker side, the transaction was accompanied by JLL, and BPS Stoessel was involved as a technical partner. Osborne Clarke provided legal advice, while BCLP Bryan Cave Leighton Paisner acted as legal advisor on the seller's side.
