Berlin-based IMW Immobilien has signed a contract to sell a portfolio of 24 properties to Nicolas Berggruen, the billionaire owner of the bulk of Karstadt chain of department stores in Germany, for about EUR 130 mln. The sales agreement between IMW and Nicolas Berggruen Berlin Holdings involves all of the Berlin assets of IMW's Falcon Crest portfolio.

Closing of the transaction is conditional on the approval of IMW's financing bank as the loans backing the assets are securitised.

The properties acquired by Berggruen offer over 1,375 residential and commercial units and a rental space of 113,000 m2.

On completion of the sale, IMW will own roughly 4,330 residential and commercial units with a rental space of 320,000 m2. IMW Immobilien is a real estate investment company focusing on Berlin's residential assets. Its portfolio is valued at EUR 360 mln.