conwert makes joint investment in Berlin with Pirelli RE, Kronberg and Lehman (DE/AT/IT/UK)
Thursday 9 February 2006
conwert Immobilien Invest AG has acquired a property portfolio in Berlin together with Pirelli & C. Real Estate, Kronberg International and the investment bank Lehman Brothers. The transaction volume amounts to 78.3m. The property package includes 1,560 residential and 31 commercial units with a total usable space of 105,200 sqm.
Joint investment in residential properties in Berlin
conwert acquired a 34% interest in the property portfolio, which was purchased as part of a joint investment with P&K Real Estate, a joint company of Pirelli RE and Kronberg International which holds a 45% stake, and Lehman Brothers, with the remaining 21%.
Johann Kowar, Chief Financial Officer at conwert, sees this investment as the first step in a promising partnership. Working together will allow us to even more efficiently leverage the existing property market expertises of Pirelli RE, Kronberg as well as of conwert, and to network optimally with the financing skills of one of the worlds leading investment banks. The German market and in particular the Berlin residential property market offers many opportunities where our collaboration will provide a competitive advantage from which all parties will benefit.