Swiss private equity investor Corestate has teamed up with an unnamed investment fund to acquire a portfolio of 153 residential assets located in the Rhine Ruhr region of Germany valued at EUR 85 mln. The purchase of the 2,100 residential units was financed 'on competitive terms' by an unnamed German bank, the company said.

As part of Corestate's asset management strategy, the company plans to carry out a comprehensive investment and capex programme, aimed at enhancing the portfolio value through the reduction of its vacancy rate and the optimisation of the overall asset performance.

'In line with Corestate's successful business model, this transaction yet again provides an example of where the company has used its strong business platform and network of contacts to seize an off-market investment opportunity,' said CEO Phillip Burns.

He added: 'We already have identified a number of key asset management initiatives where we can extract value from the portfolio, including necessary injections of investment to revitalise the assets in order to drive overall returns.'