Immeo Wohnen, the German unit of Foncière Développement Logements, has signed an agreement to sell a portfolio of nearly 4,300 residential units for a total of €211 mln.
Immeo Wohnen, the German unit of Foncière Développement Logements, has signed an agreement to sell a portfolio of nearly 4,300 residential units for a total of €211 mln.
The buyer is Frankfurt-listed Adler Real Estate.
'This sale is part of our strategy to diversify geographically,' FDL said in a statement.
The portfolio comprises 268,800 m2 of total lettable space over a total of nearly 4,300 units, the majority of which (4,040) located in Duisburg. A further 250 units are situated in the North Rhine-Westphalian capital Dusseldorf.
FDL owns a total of 40,000 residential units in Germany, the vast majority of which located in the two cities of Duisburg and Essen. The company has been trying to diversify the portfolio with acquisitions in other cities for the past three years.
Foncière Développement Logements is the residential arm of French REIT group Foncière des Régions and manages €3.2 bn worth of housing properties in France and Germany.
