Covivio announced on Tuesday that CDC Investissement Immobilier, a subsidiary of Caisse des Dépôts, would acquire a 49% stake in a predominantly residential portfolio in central Berlin.

The portfolio comprises eight assets located in some of the German capital's most attractive districts, including Charlottenburg, Mitte and Prenzlauer Berg.

It represents an area of around 70,000 m2, including 770 apartments, 15,800 m2 of retail space and a 274-space public parking lot.

Covivio specifies that the transaction was signed on the basis of a total valuation of 274 million euros.

The portfolio is currently 89.9% owned by Covivio Immobilien, the residential subsidiary, and 10.1% by Covivio itself.

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