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German real estate company Gewobag signed agreement with Ado Properties for acquisition of 5,894 residential units and 70 commercial units in Berlin Spandau and Reinickendorf for approximately $1 billion.

Details are provided below:

  • The objects are two large contiguous quarters in Berlin Spandau and Reinickendorf.
  • The apartments acquired integrate seamlessly into the inventory of Gewobag.
  • Markus Terboven, member of the Management Board of Gewobag: “With the purchase, we are increasing our housing stock to around 68,000 apartments, thus securing affordable housing for more than 10,000 other Berlin tenants. The acquisition of the real estate is economically feasible for Gewobag in a very dynamically developing market. It also shows that we are very well positioned to continue operating in the Berlin real estate market in the future as part of our public mission. “

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