After transactions in Bavaria and Berlin and purchases in Dresden, Erfurt, Nuremberg and Fürth, Capital Bay has acquired a residential portfolio in Merseburg, SaxonyAnhalt. The 23 properties – mostly historic buildings – include 862 residential units and three commercial units with total rental space of around 55,000 sqm. “Step by step, we are moving closer to our goal of a proprietary portfolio in the billions,” says George Salden, founder and CEO of Capital Bay. “The portfolio in Saxony-Anhalt has a low vacancy rate and the properties are in very good micro-locations. At the same time, the capital expenditures are low, so we see additional opportunities for growth.” The portfolio was brokered by CMBC Partners Real Estate GmbH, while legal advice was provided by the law firm Jung & Schleicher.
