Velero Partners and Asterion buy real estate portfolio with about 1,000 residential units
April 29, 2016
A residential real estate portfolio with a total of approx. 1,000 residential units in a major North Rhine-Westphalian city was purchased today. With a vacancy rate of 6.8%, the portfolio currently generates approx. 3.5 million annual net cold rent. The portfolio offers a total area of approx. 64,700 square meters. The seller of the properties is a housing company. The parties have agreed not to disclose the purchase price.
Already in March Velero from Berlin acquired the first residential real estate portfolio with 455 units for Asterion Wohnen in Bad Dürrenberg in Saxony-Anhalt, now the second purchase followed.
Velero will take over the asset management for the portfolio. The transfer of benefits and burdens is planned for the first half of 2016. Further acquisitions are imminent. The focus is on smaller portfolios and properties between 100 and 1,000 residential units.
Velero and Asterion were advised in the contract negotiations by the law firm Greenberg Traurig Germany, LLP, Berlin. The technical due diligence for the buyer was provided by the BBT Group from Berlin.