The Danish pension fund PFA is taking over the Century portfolio for a gross investment of more than 1 billion euros. The seller is INDUSTRIA WOHNEN, established in Frankfurt/Main. In the future, PFA (Germany) is cooperating with Domicil Real Estate Group (Munich), who will be exclusively responsible for the asset and portfolio management. The portfolio comprises 33 residential properties with 3,700 housing units as well as a commercial property, all of them in 15 different locations in Germany. About two-thirds of the housing units are located in metropolitan regions such as Berlin, Munich, Hamburg, the Rhineland as well as the Rhine-Neckar region. The total rentable area for these properties amounts to 247,278 sqm, 228,154 sqm are living space. Roughly one-third of the housing units were built after 1990 or have been extensively renovated after 2000. About 37 percent of the rental income is generated due to these properties.
So far, this acquisition has been the biggest single investment for PFA in the property business. The buyer was legally advised by the law firm Jebens Mensching LLP (Hamburg) and the seller was represented by Heussen Rechtsanwälte (Munich).