The CORESTATE Group secured a mandate for a distressed real estate portfolio with more than 85,000 square metres of rental space from DR Real Estate AG, DR Commercial 1 AG and DR Wohnen 1 GmbH & Co. KG. The diversified portfolio includes 54 residential and four commercial properties, which are mainly located in Northern Germany and North-Rhine Westphalia. The four commercial properties are situated in Berlin, Bonn, Dortmund and Hamburg. The residential portfolio consists of 1,174 apartment units with a current vacancy rate of 25 per cent.
«It is crucial in a case of a diversified portfolio to have proper asset management capabilities on site. This is the basis for being able to execute the necessary improvement measures in a timely and proficient manner» explains Thomas Ellrich, insolvency administrator and attorney at chambers VOIGT SALUS, his decision of having chosen CORESTATE as a manager.
Source : Company