Covivio and CDC Investissement Immobilier Forge Strategic Partnership in Germany’s Residential Market

CDC Investissement Immobilier, along with real estate firm Covivio, has announced a new strategic partnership focused on residential properties in central Berlin, Germany. This collaboration involves CDC Investissement Immobilier acquiring a 49% stake in a diversified portfolio from Covivio.

The targeted portfolio includes 8 properties situated in popular Berlin districts such as Charlottenburg and Mitte, comprising about 70,000 square meters. This includes 770 residential units, significant commercial space, and a public parking facility. The transaction values the portfolio at approximately €274 million.

This deal not only underscores CDC Investissement Immobilier’s interest in Berlin’s housing market but also highlights Covivio’s robust local operations. Covivio will continue managing the portfolio, promising to enhance its environmental standards by 2030 to align with both firms' ESG goals.

The partnership is set to finalize in the second quarter of 2024, pending customary closing conditions. This arrangement also plays a crucial part in Covivio’s broader plan to divest assets, contributing €93 million to its disposal strategy.