Heimstaden acquires first property in Germany

Heimstaden has today signed an agreement to buy its first property in Berlin, Germany.

The acquisition comes after a period of market study and analysis of potential objects for sale. The property is located in the district of Berlin-Spandau, close to Spandau city centre, in the west of Berlin in a typical residential area. The property benefits from good connections to both motorway network and public transport links.

The property comprises 27 831 m2 split over 10 buildings with 484 flats and 50 parking places. Purchase price amounts to m€ 66. The property is sold by a Berlin based family office and the transaction is executed as an asset deal. Closing is planned during autumn.

”We are happy to have made our first entry into Germany and feel confident that the acquisition in Berlin will prove to be a profitable one. Property prices in Berlin experience a steady growth from fairly low levels which together with a stable rental market with low vacancy rates forms a good basis for a profitable investment”, states Magnus Nordholm, deputy CEO of Heimstaden.

Skjerven Group has acted as the advisors of Heimstaden in this transaction. Bottermann Khorrami LLP has acted as legal advisor of Heimstaden in this transaction. The selling family office was represented by GÖRG Partnerschaft von Rechtsanwälten mbB as legal advisor. Jones Lang LaSalle SE acted as a broker on the transaction.