Austrian property firms expands portfolio in Berlin
Vienna-based residential property investment firm Conwert Immobilien Invest has acquired a residential property portfolio in Berlin, with a yield of around 8.3%. The transaction is subject to approval by the antitrust authorities.
Clemens Billek, head of investor relations at the firm, said that Berlin is a strategic focus for the firm, along with some other core German cities, such as Potsdam, Dresden and Leipzig. The firm plans to continue expanding its presence in these cities.
He added that other regions are also of interest, but the strong demographic growth in core German metropolitan cities is a driver for their focus. The property portfolio in Berlin has been expanded by roughly one third to about 5,350 units through the new acquisition.
Johannes Meran, chairman of Conwert’s administrative board, said: “This transaction is a further step in our strategy to increase the average yield of our portfolio by acquisitions in inner-city locations with high appreciation potential.”
Around 20% of investors in conwert’s portfolios are retail investors and just over 50% comes from institutions. The remaining money comes from the company’s own equity holdings.