German real estate fund Fokus Wohnen Deutschland has sold four residential properties in Germany to an institutional investor for €103 mln.
The properties are located in Braunschweig, Dietzenbach (Greater Frankfurt am Main), Hanover, and Dortmund and consist of 318 residential and five commercial units.
Fokus Wohnen Deutschland is managed by residential fund manager Industria and administered by KVG Intreal.
Arnaud Ahlborn, managing director of Industria and responsible for the transaction business, commented: ‘We have seen strong demand for our properties. Even in the still challenging market environment, the sale was implemented quickly as part of a broad-based bidding process. The closing of the transaction is expected in the fourth quarter of 2024.’
Thomas Wirtz Frics, managing director of Industria, responsible for the fund business, added: ‘The rapid implementation of the sale shows that properties with good energy efficiency are in demand and marketable in accordance with our fund strategy. Provided the purchase contract is processed and the purchase price is paid as planned, the expected, newly gained liquidity should also support the fund's long-term liquidity management.’
CBRE served as the exclusive advisor for the transaction and bidding process, while GSK Stockmann provided legal counsel.
Industria said it is also examining the sale of further properties, potentially worth up to €100 mln. Fokus Wohnen Deutschland currently holds 54 properties and has purchased two new construction projects in Nuremberg and Leipzig (Am Künstlerbogen), which haven't been added to the fund yet. In total, the fund owns 56 properties with 3,411 residential and 176 commercial units, valued at €1.19 bn.
