Empira Group buys 400 resi and commercial units in Berlin

Empira Group has strengthened its presence in Berlin with the acquisition of 400 residential and commercial units in the German capital, which the investment manager now plans to upgrade and make energy-efficient.

The group has completed the acquisition of six multi-family buildings as well as residential and commercial properties in the Neukölln, Kreuzberg and Wedding districts of Berlin.

The purchase, for an undisclosed amount but described as “substantial”, was executed by a subsidiary of the Transition to Green Fund managed by Empira Group and comprises 400 units with a total leasable area of around 32,000 sq m.

“This purchase marks an important milestone for our Transition to Green Fund,” said Ralf Morisse, head of transactions, Empira Group. “It is our aim to convert energy-inefficient buildings into sustainable real estate portfolios and in doing so make a significant contribution to reducing CO₂ emissions in the property sector.”

The acquired properties are situated in sought-after locations in Berlin yet do not currently comply with modern energy-efficiency standards. In accordance with the strategy of the Transition to Green Fund, Empira Group plans to comprehensively modernise these buildings and modify them to meet current energy-efficiency requirements.

The objective is to lower energy consumption through specific energy-efficiency refurbishment and to significantly improve the carbon footprint of the properties. The implementation of these measures will begin immediately, the group said.

With its transition-to-green strategy Empira is aiming to set new standards in the sustainable transformation of housing stock in Germany’s metropolitan regions and create a sustainable residential environment for residents.

In the coming months Empira Group plans to make further acquisitions so as to systematically expand the portfolio of the transition-to-green strategy and further increase its contribution to a sustainable and future-proof real estate portfolio.

The financing for the acquisition and the planned energy-efficiency modernisation measures has been provided by BerlinHyp and through KfW loans.