Deutsche Wohnen SE signed a deal to sell a portfolio of 2,175 residential and commercial units in Berlin to municipal housing company degewo AG for an average selling price of €2,276 per square meter.

The portfolio has a rental area of 157,236 square meters, of which 79% are subsidized housing built between 1975 and 1993.

The sale is in line with the seller's plan of streamlining non-strategic holdings to improve the quality of its portfolio.

Completion of the deal is expected by the end of 2020, subject to antitrust clearance and other customary conditions.