Berlin, 4 November 2020 – TA Europe acted as technical advisor to Real I.S. on the purchase of the residential portfolio “Prime Four”. The assets cover a total floor area of 69,300 sqm. The German investor, who is a subsidiary of the BayernLB, acquired the assets from global player Invesco Real Estate. The deal value remains confidential.
TA Europe carried out the full technical due diligence of the four properties, which are located in prominently in Berlin, Dresden, Frankfurt am Main and Cologne and have been built in 2015 and 2016. More precisely, the portfolio consists of “Quartier Alexander” in Berlin, close to Alexanderplatz and Hackescher Markt, the “Prager Carrée” in Dresden, located in Seevorstadt-West, the high-rise building “Westside Tower” in Frankfurt and the “Merheim Ensemble” in Cologne.
The four buildings are almost fully let and comprise a total of 760 residential and 32 commercial units. A large part of the rental space, approximately 57,400 square metres, is made up of residential units. The remaining space is divided between offices – approximately 6,400 square metres – , retail – approximately 4,800 square metres – and archive space – approximately 900 square metres). In addition, 680 car parking spaces belong to the buildings.
The scope of TA Europe’s services included detailed review of the relevant technical documentation in the data room, site inspections of each property and preparing technical risk appraisals as part of the reporting.
Julien Nausner, Technical Asset Manager at REAL I.S., commented: “This residential investment four German top locations is a milestone for us in many ways. We now have a solid foundation with a balanced risk diversification for our newly launched open special fund with around 300 million euros in equity.” He adds, “TA Europe has once more proven to be the most reliable technical advisor we could have wished for. The reports provided by TA Europe helped us to gain a profound understanding of the nature of the properties and, in consequence, to close the deal in time.”
Sebastian Frohwann, Partner at TA Europe, says: “We are very glad to have supported REAL I.S. in their acquisition with TDD expertise and relevant experience in the residential sector. Despite the recent restrictions brought about by COVID-19 – such as not being able to gain immediate access to all rented flats – we managed to provide our client with all the information they needed to carry on with the purchase.”