Foncière Développement Logements (FDL) is acquiring a portfolio of 716 units in Berlin, including 685 residential units. The French listed real estate investment trust will pay a total of around €54 million for the acquisition. Half of the acquisition will be financed by the equity of the shareholders and half by a bank loan through one or more German banks. The transaction is expected to be completed on Aug.1, 2011.

Click here for the release from Foncière Développement Logements.