Listed residential property firm Gagfah has unveiled plans to sell around 11% of its 144,000-property strong portfolio as part of a refocussing on its top locations.
Listed residential property firm Gagfah has unveiled plans 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 said in a statement.
Additionally, the German housing group plans to implement a €250 mln value-enhancing investment programme in the next five years aimed at adding around 2 cents of incremental FFO per share and per year for the next five years.
'These investments will be largely financed through sales, which we expect will contribute €50 mln of net cash per year over the next years,' it added.
Gagfah's FFO per share guidance for this year is €0.59 to EUR 0.61 (5% to 10% per share growth) and €0.79 to €0.82 for next year (30% to 35% per share growth).
GAGFAH's portfolio includes about 144,000 own residential units and more than 35,000 units under property and facility management for third parties.
