This article is from the Australian Property Journal archive
Archstone-Smith has bought an apartment portfolio in Berlin, Germany from Cargill Value Investment and HPE, a subsidiary of GE Real Estate Germany for $US50.5 million.
Archstone is one of the largest apartment investment companies in the United States with a market capitalisation of $US17.1 billion.
The portfolio comprises 657 residential and 14 commercial units and is Archstone’s second purchase in Germany.
Last year, the company bought a 822-unit portfolio in Mannheim.
"This portfolio gives Archstone a well-located and well-maintained presence in the capital city of Berlin, a location with significant growth potential," said R. Scot Sellers, chairman and chief executive officer.
The portfolio is located in the Siemensstadt area of Spandau in the former West Berlin.
Siemensstadt is characterised by a strong public transportation infrastructure, just 10 minutes away from Berlin-Tegal Airport and just 15 minutes from the centers of Berlin and a host of public amenities, including parks, sporting clubs and public swimming facilities.
By Adam Parsons
