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Listed German housing company Industria Wohnen has bought three residential buildings comprising 349 apartments in Frankfurt for €140 mln.

The trio of newbuild properties constitute one of the biggest transactions of new buildings in the Main metropolitan area in recent years, Industria said. They were acquired for the open-ended special funds Wohnen Deutschland II and Industria Wohnen Deutschland IV.

Two of the buildings, Palais an den Höfen in the Sachsenhausen district, and Louis am Park, in the Adler Quarter, are finished and 75% let, with a total of 241 units. The third property, Main-Arkaden, is due to be completed in 2015 and has tenants in place for 50% of its 108 apartments.

The vendor was Düsseldorf-based property developer PDI, which built Main-Arkaden in a joint venture with ABG.

Mathias Düsterdick, managing director of PDI, said: ‘The rapid progress of this transaction with Industria shows that demand from investors continues to be strong.’