Fonciere Developpement Logements (FDL) said that it has completed several previously announced property transactions in France and Germany for a total investment volume of EUR 500 mln. Last July, the company said it was buying 1,086 residential units in the Paris region for about EUR 398 mln, reflecting a yield of 4.5%. The properties generate a rent of EUR 18 mln per annum.
Fonciere Developpement Logements (FDL) said that it has completed several previously announced property transactions in France and Germany for a total investment volume of EUR 500 mln. Last July, the company said it was buying 1,086 residential units in the Paris region for about EUR 398 mln, reflecting a yield of 4.5%. The properties generate a rent of EUR 18 mln per annum.
In Germany, FDL acquired 73% of Gewo, a real estate company that owns 2,270 residential units in the Ruhr region. The acquisition price comes to EUR 93 mln. Some 35% of the total investment volume is being financed through own equity via a capital increase and a loan of EUR 272 mln. Following these transactions, FDL said that its portfolio is worth about EUR 3.7 bn, of which EUR 1 bn is located in France.
