A housing estate is a building or building complex with a large number of residential units, often surrounded by green spaces and equipped with communal facilities for the residents. Real estate portfolios are assets that consist of different types of properties in order to diversify their levels of risk and optimize the risk/return ratio. In this article, we present three investors who are focused on residential developments and real estate portfolios. They are also part of our list of the 400 largest real estate investors in Germany.
1. ADLER Real Estate AG; Berlin: Residential real estate portfolios in metropolitan areas
ADLER Real Estate emerged from the former Adlerwerke in Frankfurt, an office equipment manufacturer. Production was discontinued in 1998 and the company shifted to the real estate business. Since 2012, ADLER has been primarily engaged in residential real estate and, in 2019, it held more than 58,000 residential units nationwide. Since 2016, the company has been headquartered in Berlin. ADLER buys residential properties and portfolios of 100 or more residential units at selected locations nationwide; at other locations, they focus on 200 or more residential units. Its geographic focus includes the Greater Berlin area; Wilhelmshaven, Bremen and Hanover in Northern Germany; and Leipzig, Dresden and Chemnitz, and North Rhine-Westphalia in Saxony. The facilities must be in good condition, have a good location, and an occupancy rate of at least 80 percent. The commercial letting rate should not exceed 20 percent.
2. EMPIRA AG; Zug: Real estate investments with a residential focus in the DACH region
Founded in 2014, the Swiss EMPIRA Group specialises in institutional real estate investments in German-speaking Europe and aims to provide a one-stop-shop for the entire value creation process, from project development and acquisition to asset management. In addition to its headquarters in Zug, EMPIRA is represented in Berlin, Frankfurt, Leipzig, Munich, and Luxembourg. To finance real estate investments, EMPIRA sets up funds in which institutional investors can participate. Residential estates, residential portfolios, as well as residential and commercial buildings form a focal point of investments. They look for properties in economically strong cities with 200,000 inhabitants or more (A and B cities) in locations with good infrastructure connections. The properties (from 100 rental units) should have a high occupancy rate and be in good condition.
3. Vonovia SE; Bochum: Residential complexes in German conurbations
Vonovia is a real estate group that emerged from Deutsche Annington. This became large through the purchase of railway workers’ apartments shortly after the turn of the millennium. In 2015, the takeover of the competitor Gagfah took place and Deutsche Annington was renamed Vonovia. At the same time, the IPO was also realised. Today, Vonovia is a DAX-listed company and owns more than 400,000 apartments, mainly in Germany, but also in Austria and Sweden. Vonovia prefers to acquire portfolios of 100 residential units or more and the commercial use share should not exceed 15 percent. The company is looking for residential complexes in conurbations with good locations and properties in line with market conditions.
Picture source: Matthias Heil
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