German residential company Industria has acquired a portfolio of 767 residential units from Allianz Real Estate for around EUR 65 mln. The acquisition is earmarked for the group's Wohnen Deutschland property fund.
German residential company Industria has acquired a portfolio of 767 residential units from Allianz Real Estate for around EUR 65 mln. The acquisition is earmarked for the group's Wohnen Deutschland property fund.
The portfolio, with an occupancy rate of 97%, involves 14 residential and commercial buildings in Hamburg, Hanover, Leipzig, Essen, Bonn, Heidelberg and Stuttgart. The residential element of the portfolio represents 98% of total assets. CBRE advised Allianz on the deal.
The transaction brings the total invested by Wohnen Deutschland over the past year to EUR 125 mln. The vehicle, which targets a size of EUR 250 mln, is expected to be fully invested by March 2012.
