German listed property company Deutsche Wohnen has announced the purchase of 426 residential and 12 commercial units from the insurance company LVM. The acquisition price ranges between EUR 41 mln and EUR 43 mln.
German listed property company Deutsche Wohnen has announced the purchase of 426 residential and 12 commercial units from the insurance company LVM. The acquisition price ranges between EUR 41 mln and EUR 43 mln.
The assets are spread across the Münster/Westphalia's city centres (252 units) and Dresden, Leipzig and Erfurt (186 units). The transfer of the portfolio will be effective as of April 1, 2007.
The properties cover an area of 30,015 m2 with an average size of 71 m2 per unit. The average rent comes to EUR 6.7 per m2, with a vacancy rate of 3.5%, the company indicated in a press release.
Deutsche Wohnen, a German property management company, owns 21,780 residential units located in the Federal State of Rheinland-Pfalz, the Rhein-Main-area and in the North of the Federal State of Hessen, as on December 31, 2005.
