Swiss Life AM: German Now portfolio goes to Domicil
Domicil Real Estate has acquired the Now portfolio from Swiss Life Asset Managers. It comprises over 2,500 rental units in 20 German locations.
The Munich-based investment and asset manager Domicil Real Estate Group has acquired the Now portfolio as part of an asset deal. It consists of 86 residential properties in 20 locations, primarily in northern and eastern Germany as well as in North Rhine-Westphalia, specifically in the regions around Lübeck, Berlin, Bremen, Dresden, Leipzig, Rostock, Hanover, Erfurt as well as Dortmund, Gelsenkirchen and Düsseldorf, among others.
According to Domicil, the total number of units is 2,535, of which 2,389 are residential units. The leasable area totals 156,436 sqm, and the vacancy rate is 6.8%, it said. The seller is a Swiss Life Asset Managers fund. Domicil intends to sell the residential units to tenants and to capital investors, among others.
CBRE was commissioned by Swiss Life AM to carry out the sales process, and Stock + Partner Rechtsanwälte was responsible for the legal advice. Domicil was legally advised by CMS Hasche Sigle in the transaction, and Case Real Estate was the technical partner.
