Austrian listed property firm Conwert Immobilien Invest has purchased a residential property portfolio in Duisburg, Germany for 鈧�46 mln.
The portfolio consists of 1,029 residential units in the city quarter of Mittelmeiderich, which the company said has stronger household growth than the average for the Greater Duisburg area. The vacancy rate is around 2%.
The acquisition underlines Conwert鈥檚 strategy of focusing on its core markets in the residential segment in Germany and Austria, it added. 'The acquisition marks another step in our strategy of investing in markets where we see growth potential. In 2015 we made major progress in selling our non-core properties. Now we can once again afford attractive acquisitions,' said CEO Wolfgang Beck.
This acquisition will lead to an increase in the Conwert core residential portfolio of around 5% to 22,500 units, with the group鈥檚 entire portfolio rising to around 28,500 units.
Closing of the transaction is expected to take place in the third quarter of 2016.
