MPC Investments (MPC), together with Dunman Capital Partners (Dunman) as Operating Partner, has acquired two residential real estate portfolios with a focus on Berlin for its Multifamily Housing ESG (MHF ESG) platform. The portfolios comprise a total of twelve residential buildings in old buildings with around 30,000 square metres of lettable space. The acquisitions are part of a long-term "manage-to-green" strategy that provides for modernization and decarbonization measures in older residential portfolios in Germany.
The acquisition took place in two independent transactions with two Spanish residential investment companies – one as a complex, off-market structured share deal, the other as a classic asset deal. Dunman was an operating partner of Cushman & Wakefield as broker, bhp Bögner Hensel & Partner as legal advisor and PwC as tax advisor. The financing was provided by Berlin Hyp.
For Dunman, the acquisitions represent a significant step within Dunman's own Urban Sustainable Residential strategy, which aims to upgrade existing buildings by modernizing and adapting them to current ESG requirements. "Together with our partner MPC, we are expanding our presence in the Berlin housing market and reaffirming our commitment to sustainable value creation," says Josip Kardun, founding partner at Dunman. "Our goal is to transform the housing stock into energy-efficient, ESG-compliant investments that combine ecological impact with sustainable financial performance."
Founded in 2025, the MHF ESG platform bundles two sub-portfolios in an actively managed, sustainably oriented residential vehicle. The start-up portfolio corresponds to an invested capital volume of around 120 million euros; in the medium term, a target volume of around 500 million euros is targeted.
The core element of the strategy is a multi-stage CAPEX and ESG programme of measures that includes energy improvements, CO₂ reductions and long-term stabilisation of the properties. As part of a strongly operational "manage-to-green" approach, this includes both comprehensive renovations and specific modernizations of the buildings. Dunman is also responsible for legal structuring, regulatory compliance and ESG reporting. The integrated set-up enables the partnership to consistently align modernisations with environmental standards and to offer ESG-compliant residential real estate products to institutional investors.
After entering Berlin, the strategy is to be gradually expanded to Germany's top 7 cities. The focus is on other residential portfolios with a high need for modernization and strong tenant demand. The platform is intended to help transform older residential buildings into future-proof, sustainable investments in terms of energy efficiency in order to meet the needs of both residents and institutional investors. "By improving the energy certificate classes (EPC ratings), reducing CO₂ emissions and integrated ESG management, we are avoiding stranded assets and creating price-resilient residential properties of the next generation," notes Kardun.
