AFI Europe sells up in Germany

The Netherlands-based AFI Europe, a subsidiary of Tel Aviv-listed Africa Israel Properties, has exited Germany with the completion of 13 real estate transactions totalling a three-digit-million-euro sum.

The 13 deals comprise 373 units covering 81,000 m2 of rentable area, mainly located at B and C locations. The largest transaction was a portfolio deal for 18 residential properties in Berlin with 380 units covering 45,000 sqm of rental space.

“We have successfully sold our real estate portfolio in Germany,” said Doron Klein, managing director of AFI Europe in Germany, which instructed Engel & Völkers Investment Consulting (EVIC) to handle the sale. ”It was important to us to have a partner who is not only represented at the top locations but also has a large network in the B and C locations,” added Klein.

Commenting on whether the sale marked a trend in view of rising prices on the investment market, Kai Wolfram, managing partner of EVIC said that he had not observed any increase in foreign investors selling their portfolios in Germany, indicative of a sign that prices may have peaked. “Although international players, such as our client, sell some of their properties at a high profit, foreign investors in Germany also buy them,” he said.