Cording sells two German residential portfolios to the Domicil Real Estate Group06 February 2017
London/Munich, 6 February 2017 – The Cording Real Estate Group (Cording), the Northern European real estate investment and asset management firm, has sold two residential portfolios in Germany to the Munich-based Domicil Real Estate Group (Domicil). The portfolios include around 1,800 residential and commercial units. It was one of the biggest deals of the last few months, which happened in the course of the nationwide expansion of Domicil.
Cording had taken over management of the real estate portfolio in the 2nd quarter of 2016.
The larger of the two portfolios comprises 1,230 residential units in Dusseldorf, Munich, Essen, Bocholt, Bremen and Bielefeld, as well as in the Rhine-Neckar region and locations in Baden-Wurttemberg. It includes 44 properties, mainly dating from the 1990s, providing a total of almost 88,600 sq m of residential accommodation. The assets are 97% let. The portfolio also includes 39 commercial units, with a total lettable area of around 8,200 sq m.
The second residential package comprises 470 units, situated in Hamburg, Berlin, Gelsenkirchen, Wuppertal and in eastern Westphalia. The 16 properties have a total lettable area of around 46,500 sq m. They were mainly constructed in the 1990s, although some date from the 1950s. These units are around 99% let. The portfolio is complemented by three commercial units, with a total lettable area of just under 1,100 sq m.
CBRE facilitated the transaction for the vendor side.
Consultancy services to the Domicil were provided by Heuking Kühn Lüer Wojtek (legal), Crowe Kleeberg (taxation) and Case Real Estate (technical). Herbert Smith Freehills LLP acted for Cording.
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