Listed German residential property company LEG Immobilien has acquired a portfolio of 9,600 residential units from Deutsche Annington Immobilien for a total of €484 mln.
Listed German residential property company LEG Immobilien has acquired a portfolio of 9,600 residential units from Deutsche Annington Immobilien for a total of €484 mln.
The portfolio to be sold is part of the former 30,000 property strong Vitus portfolio located in North Rhine Westphalia, which Deutsche Annington acquired with effect from 1 October 2014.
The transaction costs of €484 mln include the assumption of the proportional costs of refinancing, the companies said in a statement.
Deutsche Annington intends to use the proceeds from the transaction for the repayment of credit facilities.
Following antitrust approval, the transaction is expected to close by the end of October 2014.
Deutsche Annington announced in February the purchase of the Vitus portfolio for around €1.5 bn.
The vendor was Vitus Group, owned by a group of funds managed by Round Hill Capital, Blackstone, Deutsche Bank and Aviva.