Deutsche Asset One and Union Investment have acquired 715 flats around Munich for more than €300m (£260m).
Deutsche Asset One bought the properties from MEAG on behalf of various Union Investment open-ended funds. It is targeting a further €500m in investment this year.
Thilo von Stechow (pictured), managing partner at Deutsche Asset One, said: “We are pursuing a long-term and sustainable strategy with all our properties. The careful and cautious treatment of tenants and property maintenance for a quality of life throughout the city are becoming increasingly important in transactions in the residential sector.”
According to JLL, Germany had the highest amount of PRS investment of any country in Europe last year, with €20bn in transactions.
MEAG was advised by BNP Paribas Real Estate; Deutsche Asset One was advised by Drees & Sommer.
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