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The portfolios consist of 1,769 apartment and 137 commercial units with living and usable space of 114,000 sqm
Listed German residential investor Adler Real Estate moved this month to boost its holding in a company holding three residential real estate portfolios to take over complete ownership, giving it more than 1,900 new housing units. The deal follows on from a further acquisition of a majority stake in December of 2,400 units in Lower Saxony. From almost a standing start a year ago, Adler has now invested nearly €530m to build up a housing stock of 10,000 units.
Adler’s latest deal sees it taking over complete control of the three portfolios, from its previous 52.8% stake in the company. The portfolios consist of 1,769 apartment and 137 commercial units with living and usable space of 114,000 sqm, located across the states of Schleswig-Holstein, Mecklenburg-Western Pomerania, Vorpommern, Saxony, Thuringia, North Rhine-Westphalia and Rhineland Palatinate. Most of the apartments are in Rostock, Düsseldorf, Dresden, Leipzig, Kiel, Hagen and Lübeck.
Investors have taken a shine to the small but growing real estate investor, in sympathy with their general enthusiasm for the German residential sector, with the Adler share price more than doubling over the last twelve months.