US group Lincoln Equities lightens up on Berlin holdings

A joint venture headed by U.S. investor Lincoln Equities has sold 1,900 apartments in Berlin to a German institutional investor. This is the second segment of the 4,450-unit portfolio acquired by Lincoln with Canadian institutional capital in 2008, the first segment of which, comprising 2,550 apartments, was sold by Lincoln to listed housing investor GSW Immobilien last August.

Lincoln is quoting the price from both sales at over €1,200/sqm. The sales price of the apartments in the Berlin portfolio, which are situated mainly in the Charlottenburg, Wilmersdorf, Prenzlauer Berg, Wedding, Lichtenberg, Steglitz and Friedrichshain districts, was not disclosed, although at this valuation the price for this second deal is likely to have been about €330m.

According to its announcement, Lincoln is seeking further opportunities for investments in Germany, and is in negotiations for a portfolio of existing assets in North Rhine Westphalia in what it itself describes as “the aggressive pursuit of opportunistic acquisitions throughout Germany with a variety of capital partners.”

Lincoln Equities is based in Rutherford, New Jersey, and has traditionally had its main focus on the eastern states of New Jersey, New York and Connecticut. As a partner of high net worth individuals and institutions, it has also been active in Europe since 2005 with its investment platform Eurolinque.