LEG Immobilien has acquired 829 apartments in Solingen, near Dusseldorf, from a private owner.
LEG Immobilien has acquired 829 apartments in Solingen, near Dusseldorf, from a private owner.
The investment volume of €34 mln includes acquisition costs.
The acquired portfolio generates €2.6 mln of annual net rental income and offers an attractive FFO yield of about 10%.
'This acquisition fits well with our overall portfolio,' said CEO Thomas Hegel. 'The mix of senior housing and attractive long-term financed assets from the public sector provides us with an attractive long-term return.'
Closing is expected for October 2013.
Düsseldorf-based property group LEG has acquired a total of 3,500 residential units since raising more than €1.3 bn in February in the second largest German IPO of the last five yers.
The company said it plans to acquire a total of 10,000 homes by the end of 2014. 'Currently there are interesting portfolios under negotiations,' it added. In total LEG manages 94,000 rented apartments.
