JR Capital adds another 55 units to existing Berlin residential portfolio

Posted by JR-Capital in News

JR Capital is pleased to announce that we have completed the EUR 2.5M purchase of another residential building in Wartenberg, Berlin.


A 12 storey building located to the North of East of Central Berlin it consists of 55 residential flats that are leased to individuals with a ground floor commercial premises. The building benefits from consistent 100% occupancy with average rents of approx EUR 5.00 per sq meter providing good scope to increase the current income over the medium to long term.


The property was acquired in cash and a debt package will be arranged with Berlin Sparkasse Bank in the coming weeks.


This is the latest in a growing residential portfolio that has been built up over the past 7 years and brings the total numbers of residential units in the portfolio to 371 with a value in the region of EUR 25m.


The existing portfolio consists of 5 residential buildings located in Mitte, Friedrichhain and Lichtenberg across both East and West Berlin.


The portfolio has been acquired with an Abu Dhabi based family that have a large property holding across main land Europe and the UK.


John Collier-Wright commented “We are pleased to add another good quality asset to the existing and growing portfolio. Having increased occupancy and averages rents from approx EUR 3.00 to EUR 6.00 per m the portfolio produces a very secure return on equity of 10%+ pa which is particularly attractive in the current low interest rate environment”


31 Mar 2014