Deutsche Asset One and Union Investment have acquired 715 flats around Munich for more than €300m (£260m).
Deutsche Asset One bought the properties from MEAG on behalf of various Union Investment open-ended funds. It is targeting a further €500m in investment this year.
Thilo von Stechow (pictured), managing partner at Deutsche Asset One, said: “We are pursuing a long-term and sustainable strategy with all our properties. The careful and cautious treatment of tenants and property maintenance for a quality of life throughout the city are becoming increasingly important in transactions in the residential sector.”
