PE Investor Corestate Bags Berlin Apartments For €230M

Law360, New York (January 17, 2012, 5:13 PM EST) -- Swiss private equity investor Corestate Group significantly expanded its German real estate portfolio with a €230 million ($294 million) purchase of 3,000 Berlin apartment buildings, the company announced Tuesday.

The residential apartments, as well as a Stuttgart office building, were acquired from an unnamed foreign investor in a complicated deal that involved multiple lenders, according to Corestate, which specializes in German commercial and residential real estate.

“The complexity of this transaction is characteristic of the challenges facing German [and] European real estate markets ... for the...
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