Engel & Völkers Investment Consulting GmbH (EVIC) has sold the German portfolio of AFI Europe, a sub company of Africa Israel Properties, which is listed on the Tel Aviv Stock Exchange, as part of an exclusive mandate.
In the course of the three year sale process which EVIC successfully completed at the beginning of July 2018, 13 properties of different types of use were sold through individual transactions. The 13 properties with overall 373 units and around 81,000 sqm of rentable area are mainly located at B and C locations. In the course of a portfolio sale 18 residential properties in Berlin with 380 units and around 45,000 sqm of rental space were also sold. The purchase price for all properties is in the three digit million range.
Doron Klein, Managing Director of AFI Europe in Germany comments: “We have successfully sold our real estate portfolio in Germany. It was important to us to have a partner who is not only represented at the top locations but also has a large network at the B and C locations.”
Kai Wolfram, Managing Partner of Engel & Völkers Investment Consulting comments: “In principle, we cannot observe an increase in foreign investors selling their portfolios in Germany because they see the price peak on the investment market. Although international players, such as our client, sell some of their properties with high profits, foreign investors in Germany also buy them.“