Listed German property company GSW Immobilien has sold 470 residential units and 11 commercial units outside of Berlin to a German investment consortium.
Listed German property company GSW Immobilien has sold 470 residential units and 11 commercial units outside of Berlin to a German investment consortium.
The parties agreed not to disclose the purchase price.
The properties, located in the cities of Duisburg, Essen, Erfurt and Magdeburg, originate from a portfolio purchased in late November 2012 and were intended to be sold on again in the medium term.
'We are delighted to have implemented our medium-term goal promptly by reselling these 470 residential units outside of Berlin,' said Jörg Schwagenscheidt, board member at GSW Immobilien.
The 470 residential units were sold at the original entry price. 'We will use the revenues for future purchases, focusing exclusively on the Berlin residential property market,' Schwagenscheidt noted.
