Berlin: CORESTATE Group acquires a Berlin Residential and Commercial Real Estate Portfolio with more than 2,000 Apartments

The portfolio also includes a 35 million EUR project development in the city-center. CORESTATE Group plans to invest significant capex amounts to further improve profitability and the already good asset quality in the next years. These properties had all been acquired by a foreign investor during the peak cycle of the German real estate market. The existing bank financing with attractive terms will be assumed. It is part of a securitized loan conduit.

This is the fourth transaction CORESTATE Group has realized in 2010 for which CORESTATE, together with the lenders, will implement a new business plan including capex investments.

"The complex assumption of securitized CMBS debt is an extreme challenge for all parties involved and offers a good preview for the upcoming years", says Ralph Winter, Founder of CORESTATE.