ZUG, SWITZERLAND-CORESTATE Capital, a specialty real estate investor here, has completed the sale of a German residential property portfolio for approximately $186 million (EUR 135M). The assets were sold to various institutional and private investors as part of a repositioning program.
The portfolio comprises approximately 2,100 residential units spread across 12 German states. CORESTATE had acquired the portfolio in a distressed state and has repositioned it over time by investing capital in asset management activities to improve overall quality of the assets.
“Extremely scattered portfolios represent a welcome challenge for us,” said Thomas Landschreiber, the firm's chief operating officer. “Due to our broad asset and property management platform we are able to operate in the immediate vicinity of assets nationwide. We will continue to create products for our investors, which can serve the high level of demand for stable German real estate.”
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David Phillips
David Phillips is a Chicago-based freelance writer and consultant with more than 20 years experience in business and community news. He also has extensive reporting experience in the food manufacturing industry for national trade publications.
