Viridium Group sells real estate portfolio

Written by David Adams

01/10/2019

Viridium Group has sold a real estate portfolio, comprising 49 office, residential and retail properties in seven German cities including Berlin and Frankfurt, to investment company Commerz Real for an undisclosed sum.

In a statement, Viridium Group said: “The sale is mainly attributable to Viridium’s safety-oriented investment strategy. Due to the associated market price risk and the related capital requirements, this strategy does not include an asset allocation to real estate. Instead, Viridium focuses on stable, fixed income investments in the asset allocation of its portfolio companies.

“Against this background, the same will make a major contribution to securing the value of assets for the policyholders of Generali Leben in the long term. The proceeds from the sale will benefit the community of policyholders in accordance with the regulatory requirements.”

Commerz Real has acquired the properties for its open-ended real estate fund Hausinvest. “The portfolio is perfectly geared to our investment strategy of increasing the share of German properties in the fund and in doing so achieving the best possible mix of all usage types,” said Commerz Real global head of transactions Henning Koch. “Commerz Real is now moving significantly closer to its declared goal of investing around €2 billion in the residential sector in the next four years.”

Related Articles