A Case Study of our Performance in Berlin
The property – basic data at time of purchase from a liquidator
- 156 residential units, 10,600 sqm, vacancy rate ca. 29 %
- 16 commercial units, 1,600 sqm, vacancy rate ca. 23 %
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Historic Situation – Challenges
Properties before acquisition were under forced administration resulting in:
1. bad property management
2. difficult tenants, bad debts
3. low commercial and residential rents
Corrective Measures
- about 45 % of the residential area was re-let since acquisition, with a new online-marketing strategy as well as some targeted investments in the units
- selective marketing and up-grading or repositioning of the units enabled us to re-let about 50 % of the commercial area in 2008 and 2009
Results
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residential vacancy
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commercial letting
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