Residenz Berolina, a joint venture of Kronberg International and the Medical Association of Styria, has announced the acquisition of a portfolio consisting of 32 properties in Berlin. The vendor is an unnamed Danish family holding company. Financial details were not disclosed.

The transaction, which was financed by Swedish lender SEB, is the partnership's first acquisition in Germany.

The portfolio includes 907 residential and 70 commercial units offering a total of 70,000 m2 in the districts of Mitte, Prenzlauer Berg and Friedrichshain in Berlin. Kronberg Group Asset Management will take over the management of the assets.

The Kronberg Group, a European investment and asset management company, has been active in the German property market since 1990. The company is active in Germany, Austria, France and Italy with a portfolio valued at EUR 220 mln.