German listed real estate company TAG Immobilien AG has acquired a complex of 454 residential units and eight commercial units in Berlin-Hellersdorf for EUR 17.6 mln.

The self-contained residential complex was built in the early 1990s and was extensively renovated and modernised in the years until 2008. Two high-rises specifically cater to the needs of senior residents. The complex has a total rental space of around 26,900 m2, most of which is broken down into the 2- or 3-room flats currently in demand in the market. The occupancy rate is at about 94%. The properties are in the immediate vicinity of TAG's Marzahn site.

TAG manages EUR 982 mln of residential and commercial property assets in Germany.