Hello to Berlin

Opportunist investors leave room for those prepared to sweat

Cerberus, Blackstone and co are selling German assets but smaller investors – such as Barcelona-based BMB Investment Management – are still buying. The company’s first fund is focused exclusively on Berlin. “This city is one of the most amazing arbitrage opportunities around,” says Alberto Matta, formerly with BNP Paribas in London, and one of BMB’s co-founders “You can find yields of 8% in certain parts of Berlin, and that yield might be based on a rent of €5 or €6 per square metre, per month.