Akelius sells apartments in Munich and Hamburg for €420mn
Akelius has announced the sale of 1,492 residential units from different construction years – half of which are located in Munich and half in Hamburg – for €420mn, corresponding to €4,800/sqm. The company declined to comment on rumors that the buyer is Patrizia. The Augsburg based investment firm did not respond to the inquiry. With the deal Akelius has disposed of its complete Munich holdings, which included top locations like Theresienstraße. The Hamburg properties include apartments in surrounding communities such as Norderstedt, Pinneberg, Schenefeld and Wedel. Akelius will henceforth concentrate on its holdings in Berlin (14,000 apartments) and Hamburg (3,600). The Swedish company sold its Düsseldorf, Cologne and the Rhine-Main area portfolios to Deutsche Wohnen in March for €685mn. As stated then, the sale proceeds will be used to reduce debt to bring the company closer to its goal of achieving a BBB+ rating. Luther Rechtsanwaltsgesellschaft and Warth & Klein Grant Thornton advised for the transaction.
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