Velero buys residential portfolio in Neuruppin for Asterion
June 28, 2017
Velero has acquired another residential portfolio for Luxembourg-based Asterion. The portfolio consists of 339 residential units in Neuruppin, Brandenburg. The properties were extensively renovated between 1999 and 2001.
The fully let portfolio generates an annual net cold rent of approx. € 1,329,000. With the portfolio in Wittstock, which was only acquired in January this year, Veleromit was able to further strengthen its presence in Brandenburg with this acquisition.
The portfolio of the Asterion Group increases to 4,350 residential units through this purchase. "Neuruppin is a location that has developed positively and we are convinced that this will continue. This transaction is an important step for our planned growth. We want to continue our growth this year and are planning further acquisitions. The focus is on portfolios comprising at least 200 residential units. In locations where we are already represented, we are also considering acquisitions of at least 50 residential units," said Sascha Giest, Managing Director of Velero.
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.