Real estate Thousands of Berlin apartments are changing Swedish owners

Real estate Thousands of Berlin apartments are changing Swedish owners

Real estate Thousands of Berlin apartments are changing Swedish owners
Heimstaden's announcement coincides with the Berliners' vote for the association of apartments in large real estate groups.  Source: dpa

In the midst of the debate about the expropriation of residential groups in, the Swedish real estate company Akelius is handing over 14,000 apartments in the capital to its Swedish rival Heimstaden. The Berlin portfolio makes up almost half of a portfolio of around 28,800 apartments in, and Denmark, for which Heimstaden claims the equivalent of 9.1 billion euros (92.5 billion crowns).

Heimstaden has been active in Germany since 2018 and already has rental companies in Berlin, Halle (Saale), Magdeburg and Rostock. The group is now taking over almost 3,600 apartments in Hamburg from Akelius.

The deal with Akelius, which the antitrust authorities have yet to approve, is expected to close at the end of the year. So far, Heimstaden had 7,300 units in Germany, with a total of 17,600 new apartments, the German portfolio of the Swedes has more than tripled. “We are aware of the great responsibility that this growth step entails,” said Caroline Oelmann, Managing Director of Heimstaden Germany.

Heimstaden’s announcement coincides directly with the vote by Berliners for the association of apartments in large real estate groups on Sunday. The initiative launched by the “Deutsche Wohnen & Co expropriate” group calls for the expropriation of housing groups with more than 3,000 apartments. The referendum is not legally binding.

The top candidates of the two strongest parties in the election, and the Greens, expressed reluctance to implement it. The real estate group Vonovia, which is about to take over the particularly controversial competitor Deutsche Wohnen in the capital, spoke out in favor of more constructive solutions than expropriations.

According to its own information, Heimstaden has around 116,000 apartments in ten European countries with a value equivalent to around 18.2 billion euros. and together they own around 550,000 apartments valued at more than 80 billion euros, most of them in Germany.