Carlyle Group has bought a German portfolio of 122 residential and commercial properties from German brewing company Radeberger Gruppe.
The US private equity firm bought the portfolio, which comprises 109 residential and 13 commercial buildings located in major German cities and towns, for an undisclosed amount.
The portfolio will be held in Carlyle’s second European real estate fund, Carlyle Europe Real Estate Partners II, a €760m (£530m) which closed in September 2005.
Wulf Meinel, managing director at The Carlyle Group, said: ‘Carlyle’s plan for the portfolio is to improve the buildings’ potential through refurbishment and reduction of management costs. The residential assets will be renovated where necessary and the commercial properties will benefit from active asset management, with a focus on reducing vacancy after repositioning.’