Listed Berlin residential investor GSW said it acquired 2,800 apartments in the German capital over the summer.
Listed Berlin residential investor GSW said it acquired 2,800 apartments in the German capital over the summer.
The apartments were acquired in two transactions in late July and early August for a total of €201 mln, or €1,176 per m2. With actual rental income of approximately €5.62 per m2 per month, the vacancy rate in the purchased properties amounts to just under 1%.
The properties are mainly located in Friedrichshain-Kreuzberg (28%), Pankow (26%) and Lichtenberg (24%), and the majority have been modernised.
The transactions were revealed during the announcement of the company's financial results for the first half of 2013.
Over the six-month period, GSW's net operating profit (EBIT) improved by 14.7% to €76.1 mln and consolidated net income rose by 69.7% to €42.5 mln.
