Accentro acquires €2.8bn real estate manager in Germany

Accentro acquires €2.8bn real estate manager in Germany

Accentro Real Estate AG, a listed residential property company in Germany, said on Tuesday that it has signed an agreement to acquire DIM Holding AG (Deutsche Immobilien Management).

DIM is one of the real estate managers in Germany with about 130 employees at seven locations, managing residential and commercial real estate portfolios in Germany.

The company currently has approx. 2.8 billion euros in assets under management with a total area of approx. 1.4 million square metres and manages some 18,500 residential units.

”Alongside its current core business of privatisation, Accentro has thus reached a further milestone, advancing its development into a residential investor and portfolio holder. Having only recently more than doubled its stock of residential properties to 5,200 residential units through the purchase of some 2,800 residential units, Accentro is now planning the further expansion of its activities not only in Berlin and eastern Germany, but also in North Rhine-Westphalia, in the Rhine-Main region and in Bavaria, where Accentro already owns properties,” the company said in a statement.

“We intend to gradually increase the number of properties owned by Accentro and thus become a long-term lessor irrespective of our privatisation portfolio. With this in mind, it makes sense to have a property manager on hand who acts as on-site caretaker and trouble-shooter with knowledge of the local market, close contact to tenants and in-depth technical knowledge of the managed real estate,” said Lars Schriewer, the CEO of Accentro Real Estate AG.

“In DIM, we have found an established company with enormous competence, which forms the basis for the retention and appreciation of the value of the properties in our portfolio,” added Schriewer.