Denmark's Kristensen Salzgitter said it has reached agreement with an unnamed German property company to sell its entire property portfolio comprising about 5,800 apartments, 16 commercial leases and garages for EUR 174 mln. The portfolio is located in the cities of Salzgitter and Kassel, central Germany.
Denmark's Kristensen Salzgitter said it has reached agreement with an unnamed German property company to sell its entire property portfolio comprising about 5,800 apartments, 16 commercial leases and garages for EUR 174 mln. The portfolio is located in the cities of Salzgitter and Kassel, central Germany.
The assets were acquired in autumn 2005 at EUR 147.7 mln net of acquisition costs. Since then, Kristensen Salzgitter invested some EUR 4.1 mln in the properties. Kristensen Salzgitter will thus realise a gross profit of EUR 22.2 mln through the sale of the portfolio. The deal is expected to be closed by June 30, 2007.