Fonciere Developpement Logements (FDL) has strengthened its presence in Germany with the purchase of a residential portfolio in the north of the country. FDL reached agreement with RAG to buy a 73% stake in Societe Gewo, owner of the portfolio of about 2,270 residential units across the Ruhr region. The city of Datteln has retained the remaining 26.6% stake.
Fonciere Developpement Logements (FDL) has strengthened its presence in Germany with the purchase of a residential portfolio in the north of the country. FDL reached agreement with RAG to buy a 73% stake in Societe Gewo, owner of the portfolio of about 2,270 residential units across the Ruhr region. The city of Datteln has retained the remaining 26.6% stake.
Some 70% of the transaction value is being financed with FDL's funds and 30% with existing debt, FDL said in a press release. The portfolio includes more than 145,300 m2 of residential space valued at some EUR 93 mln, or a price of EUR 640 per m2. The assets generate an annual rent of EUR 6.8 mln. The transaction is expected to be completed by next October.
The deal follows the purchase by FDL of a portfolio of about 45,000 apartments at end-2006 in the German Rhénanie-du Nord-Westphalie region. FDL owns assets valued at EUR 3.8 bn, mainly across France (30%) and Germany (70%).
