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Allan Saunderson is managing editor of Property Finance Europe and a contributor to GlobeSt.com.

BERLIN-The German family-trust-held Treibreu Group has acquired residential properties in the nation from the collapsed Japanese Creed Corporation, in a transaction worth €64m.

The Berlin-based legal practice FPS, which advised the buyer, said the portfolio comprised 58 properties in Berlin, Leipzig and Dresden, mainly for residential use. It did not provide details on the split of equity and debt financing in the deal, but said the assets were previously held by two Dutch units of Creed, which is now in administration under the supervision of Tokyo courts. Creed acquired the properties individually over the past few years, and has now divested the entire portfolio by way of an asset deal.

Treibreu is a privately-owned property investment company, which is currently building a high-quality residential investment portfolio in Germany, FPS said. It is backed by a number of families, and aims to make further investments in the domestic market which it sees with high potential for growth. The company and its associated investment entities, now own over 120,000 square meters of residential property in Bonn, Berlin, Leipzig and Dresden, and is seeking to make further acquisitions.

Matthias Druba, managing partner of FPS, said the transaction under the legal supervision of the two partners Peter Diedrich and Istvan Szabados shows that investors start purchasing on a selective basis but need steady legal advice. “Legal expertise in the real estate sector in Germany clearly stands up to that offered by international law firms”, he added. FPS, with more than 110 professionals, belongs to the 10 biggest German law offices still independent of international legal groups.

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