KKR-backed Velero, an asset management company, agreed to acquire property portfolio of Adler Group, a German real estate company, for $686m. “The acquisition of this portfolio is a testament to our ability to execute on highly attractive opportunities in the German residential real estate market. We look forward to working with Velero to enhance the quality of living, improve the energy efficiency, reduce vacancy and drive operational improvements. We will invest substantially into the properties to achieve these objectives,”Jan Baumgart, KKR Managing Director and Head of Real Estate Germany.