Danish pension fund PFA has acquired the German Century portfolio for around €1bn (£890m).
The 33 residential buildings with more than 3,700 homes and one commercial building were bought from Industria Wohnen in PFA’s largest ever acquisition.
PFA, the biggest commercial pension fund in Denmark, has hired Domicil Real Estate Group to manage the portfolio. Two-thirds of the 3,700 residential units are in major metropolitan centres, including Berlin, Munich, Hamburg, the Rhineland and the Rhine-Neckar region.
Michael Bruhn, head of real estate at PFA, said: “We recently announced our intention to significantly increase the proportion of real estate in our portfolio by 2022.
“We are now implementing this new strategy, the central component of which is the expansion of our investment activities outside Denmark.”