Berlin, 23 October 2017 – The Berlin company Capital Bay GmbH (Capital Bay) has signed an agreement to acquire a further residential portfolio with properties in good central and peripheral city locations. The portfolio comprises around 300 residential and 20 commercial units, distributed across prosperous cities in Bavaria and Saxony with a focus on Dresden and Nuremberg. The total rental area amounts to approximately 20,000 m². The core properties have very low vacancy rates of less than 5%. “We are therefore continuing our investment strategy in high-growth B cities,” said Ralph Ziegler, Managing Partner at CB Transaction Management GmbH. “The excellent quality of the properties makes them an excellent fit for our CB Wohnimmobilien Germany special fund.” The properties are being sold by the WIDe Wertimmobilien Deutschland Group from Ebermannstadt. The purchase price is in the low eight figures.
Torsten Doyen, Managing Partner at CB Capital Management GmbH, added: “We are delighted to have received our first subscriptions to the special fund from insurance companies and pension funds.” The transfer of ownership, and the rights and liabilities of ownership, is planned for the end of the year.
Capital Bay’s legal consultant was the law firm Jung & Schleicher.