Listed residential property firm Gagfah has divested a portfolio of 134 apartments and eight commercial units in Nienburg, Lower Saxony, to the city's housing company GBN.
Listed residential property firm Gagfah has divested a portfolio of 134 apartments and eight commercial units in Nienburg, Lower Saxony, to the city's housing company GBN.
The disposal of the apartments, which are in need of renovations, is in line with Gagfah's plan to sell around 11% of its 144,000-property strong portfolio as part of a refocussing on its top locations.
'Gagfah has identified 11% of the portfolio as regional non-core, meaning that those assets are in remote locations and will be disposed of in the next few years,' the company recently said in a statement.
The financial details were not disclosed.
Gagfah's portfolio includes about 144,000 own residential units and more than 35,000 units under property and facility management for third parties.
