German real estate group Westfälische Grundbesitz und Finanzverwaltung (WGF) has announced the sale of a housing project in the Prenzlauer Berg district of Berlin to fund manager Aberdeen Immobilien KAG for EUR 100 mln.

The building including 362 apartments in Berlin's Prenzlauer Berg is earmarked for one of Aberdeen's German special funds (spezialfonds). It will offer 31,000 m2 of space, a nursery, a hotel as well as local shopping facilities on a 17,800-m2 plot in the new residential area called 'La Vie'.

With the building permit already in place, construction is expected to start in the first quarter of 2012, with completion expected by the end of 2014.

'This project development is representative of the direction WGF is set to take in the real estate industry in the future,' Düsseldorf-based WGF said. The company established its project development business at the end of 2009.