Grand City Properties has acquired 10,500 German residential units in several transactions for 鈧�330 mln.
Grand City Properties has acquired 10,500 German residential units in several transactions for 鈧�330 mln.
The Frankfurt-listed residential property turnaround specialist said the latest acquisitions generate total net rent of 鈧�28 mln and have a vacancy rate of 17%. The assets are mainly located in Leipzig, one of Grand City's core markets.
The company has also begun the sales process for 4,500 non-core assets and the net additions from the latest transaction will expand Grand City's overall holdings to 66,000 German homes and 鈧�335 mln in rental income. Its assets are located in Berlin, North Rhine Westphalia, Dresden, Leipzig, Halle, Nuremberg, Munich, Mannheim, Frankfurt, Bremen and Hamburg. The company also manages a further 22,000 residential units for third parties.
Grand City Properties is incorporated and registered in Luxembourg.
