Velero buys 4.500 apartments, 2.000 apartments to be resold
4,500 apartments acquired with over 16 million euros net cold rent
Main concentration in North Rhine-Westphalia
Main locations Dortmund, Duisburg, Bochum and Essen
23.08.2017: Velero today signed purchase agreements for a total of 4,500 apartments and 180 commercial units as part of its purchase and management mandate. The portfolio of approx. 300,000 sqm generates an annual net cold rent of EUR 16.2 million and, with a vacancy rate of 9.2%, still offers attractive potential for value appreciation.
The properties in the purchased portfolio are mainly located in North Rhine-Westphalia, where Velero already manages over 2,500 residential units for its investors. This results in considerable synergy potential. The portfolio's largest locations are Dortmund, Duisburg, Bochum and Essen.
Velero now manages a total of over 9,300 residential units in North Rhine-Westphalia and the new federal states. Further growth through acquisitions is being planned. The company, headquartered in Berlin, has grown to 22 employees since its foundation in August 2015 and is dedicated to the investment and management of residential portfolios in up-and-coming locations. In addition to transaction and financing business, the range of services includes the entire value chain of management - asset, property and facility management.
The parties have agreed not to disclose the identity of the sellers or the purchase price.
The buyers were advised by the law firm Greenberg Traurig Germany, LLP, the tax consulting firm SWAP Steffen Wissmann Accounting Products and in technical matters by BBT GmbH.