Corestate Group, a private equity investor based in Switzerland, has completed the sale of a residential portfolio in Berlin to Zentral Boden Immobilien for EUR 39 mln. The fully-let portfolio comprises 894 apartments over 48,000 m2 in the districts of Britz and Rudow.

The German Real Estate Advisory Team (GREAT), based in Frankfurt, advised Corestate exclusively on the transaction.

Thomas Landschreiber, chief operating officer of Corestate, said: 'Beginning in the second half of 2010, we have seen a significant and continued increase in demand for German residential assets. Driven by the speed of Germany’s economic recovery and its stable outlook, which points to secure investment returns over the medium term, this improvement in sentiment has led to Germany overtaking the UK as the most favoured investment location in Europe for unlisted real estate funds.'