Listed German residential property Estavis has acquired a business that owns 160 apartments in the eastern German city of Chemnitz.
Listed German residential property Estavis has acquired a business that owns 160 apartments in the eastern German city of Chemnitz.
Estavis is acquiring the assets through the takeover of J2P Real Estate.
The German company has acquired 80% of J2P Real Estate and 100% of its subsidiary J2P Services, which acts as facility manager for proprietary and third-party portfolios in Saxony. 'Looking forward, the acquisition ties in with our intention to proactively push our portfolio expansion in Saxony,' said Estavis board member Jacopo Mingazzini.
The J2P housing portfolio has a vacancy rate of less than 1%, and the rental revenues add up to an annual €560,000 per year. Estavis is financing the acquisition with 70% equity and the rest by issuing shares denominated at €2.50 each.
