Velero and Asterion buy residential portfolio with 600 apartments at year-end
December 22, 2016
At the end of the year, Velero made a further investment under its exclusive mandate for the Luxembourg-based Asterion Group. In one transaction, 592 residential units were acquired. Individual locations in the portfolios include Magdeburg, Riesa and Lostau. The remaining units are located between Leipzig and Dresden. Most of the properties were built or renovated in the 1990s.
With a vacancy rate of 7.7%, the portfolio currently generates an annual net cold rent of € 1.94 million. The economic transition is expected to be completed in the 1st quarter of 2017.
Since March this year Velero has acquired properties with a total of 3,840 residential units for the Asterion Group. The growth is expected to continue in the coming year. Talks for the acquisition of further properties are currently underway. "As before, the focus is on pure residential portfolios, ideally starting at 200 units, but smaller portfolios of 100 or more can also be interesting if they are in the vicinity of the already acquired portfolios," says Thomas Lange.
Velero was advised in the contract negotiations by the law firm Greenberg Traurig Germany, LLP, Berlin. The technical due diligence was carried out by BBT GmbH from Berlin.