CRE/Merrill Lynch: Joint venture acquires property portfolio in Germany
CRE Colonia Real Estate AG and Merrill Lynch Global Principal Investments have established a joint venture to acquire a mixed commercial and residential portfolio. The purchase price is quoted at approximately €75mn; the seller is said to be a German insurance company. Merrill Lynch will hold 90% of the transaction value; CRE, as co-investor, will hold a 10% share. The firms state that the portfolio consists of 38 properties at nine locations in Germany with a total of some 69,000 sqm; 40% is residential and 60% is commercial area. A large part of the portfolio is situated in Munich, Berlin, Hannover, Frankfurt, Düsseldorf and Cologne.