Reference project: Purchase of four residential complexes in Berlin
All background information on the acquisition of the portfolio and future strategy
It is one of the larger purchases made by MÄHREN AG in recent years: 345 apartments, divided into four residential complexes in three different locations in Berlin. A successful project in which all sides benefit – first and foremost the tenants, the seller and also we, MÄHREN AG, as the purchaser. All background information.
The business partner wanted to sell the residential properties to a real estate company that has its roots in the capital. He cares about the tenants, he cares about the city of Berlin and therefore decided not to sell to an international real estate group. He wanted his real estate to be in good hands. The choice fell on MÄHREN AG because he already had a trusting business relationship with us and was able to realize his goals together with us.
In addition, the business partner attached importance to a solution-oriented and pleasant business transaction as well as to a smooth and fast financing. These characteristics are the basis of our business principles and therefore fitted the requirement profile perfectly.
The business objective of MÄHREN AG in real estate acquisitions is to maintain the portfolio – also in this project. Only a few weeks after taking over the residential complexes, we were able to carry out necessary repairs in vacant apartments at the Neukölln and Wedding locations and to re-let these apartments to our Berliners and new Berliners. The next step will now be to modernize further apartments at a somewhat higher cost, as there is a backlog of refurbishment work here – and then to reintroduce them to the rental market.
Another project is to reactivate around 60 vacant underground parking spaces. On the one hand, this is intended to provide tenants and residents with secure parking options, while on the other hand relieving the tense parking situation directly on site.
The fear of some tenants that they will suffer disadvantages as a result of the sale is unfounded. CEO Jakob Mähren: “There was never any question of converting the rental apartments into condominiums. That’s why we were happy to sign the declaration of aversion. All tenants will thus receive very long-term tenant protection. We are also not planning any luxury refurbishments in order to rent out apartments at a significantly higher price afterwards. That is fundamentally not our business model. We treat our tenants responsibly. We would also like to expressly emphasize the fair cooperation with the authorities in the course of the sales talks.”
MÄHREN AG will continue to offer the apartments at reasonable prices. Mähren: “We promote low-cost housing; luxury refurbishments are not part of our business model. Therefore, we will not introduce horrendous rent increases in the future, even in the newly acquired houses.”
For fair coexistence – what do we do for tenants?
In addition to fair rents in the long term and contractually guaranteed tenant protection, we commissioned overdue basic cleaning in two residential complexes shortly after acquiring the properties. Some of the stairwells looked very dirty, and the walls were also cleaned. In the future, cleanings will take place regularly so that all tenants feel comfortable in the buildings.
We also attach great importance to security in the residential complexes and will be making some improvements here. Tenants should feel at home and not worry about their safety. Unauthorized persons should not be allowed to enter the buildings, and thefts should be prevented.