Germany-based GAGFAH has announced the purchase of 5,900 residential units in Berlin for EUR 370 mln. The properties are in several areas of Berlin and have a total gross lettable area of 360,000 m[sup]2[/sup]. The vacancy rate for the portfolio comes to 11.2%. The gross yield ghas been estimated to be 7.7%.

Germany-based GAGFAH has announced the purchase of 5,900 residential units in Berlin for EUR 370 mln. The properties are in several areas of Berlin and have a total gross lettable area of 360,000 m2. The vacancy rate for the portfolio comes to 11.2%. The gross yield ghas been estimated to be 7.7%.

GAGFAH said its acquisition target will be EUR 1.4 bn per annum in the coming years. The group's principal activity is to acquire, own and manage residential property. As on June 30, 2006, the company owns over 151,261 residential units.