Frankfurt-listed residential specialist Grand City Properties has added around 5,000 units to its portfolio in Germany through several transactions worth a total of 鈧�170 mln.
Frankfurt-listed residential specialist Grand City Properties has added around 5,000 units to its portfolio in Germany through several transactions worth a total of 鈧�170 mln.
The portfolio generates a net rent of 鈧�15 mln and has an occupancy rate of 85%. The transaction is expected to close in January 2016 and will lift Grand City's holdings to 76,000 residential units, generating annual rental income to 鈧�405 mln.
'The acquisition will mainly increase the portion in North Rhine-Westphalia, one of GCP鈥檚 strategic locations, and will further strengthen the company鈥檚 ability to materialise synergies and benefit from economies of scale,' GCP said in a statement.
The transaction follows GCP's purchase in June of this year of 10,500 German residential units in several transactions for 鈧�330 mln. The assets were mainly located in Leipzig, one of Grand City's core markets.
The company has recently begun the sales process for 4,500 non-core assets.
