Dusseldorf-based residential landlord LEG Immobilien has acquired a portfolio of 537 apartments in Cologne and other cities in North Rhine Westphalia.

Dusseldorf-based residential landlord LEG Immobilien has acquired a portfolio of 537 apartments in Cologne and other cities in North Rhine Westphalia.

The purchase price (including costs) came to €26.1 mln. The portfolio has a 0.4% vacancy rate and is expected to yield an initial return of over 8%.

In addition, LEG Immobilien said it has signed a provisional agreement on the acquisition of a 2,000-unit residential portfolio. The transaction is expected to close in the next few months.

The listed group said it purchased around 6,700 apartments in total last year, exceeding its 2013 acquisition target. It aims to acquire 10,000 residential units in 2014.

LEG Immobilien expects to book funds from operations (FFO) in 2014 of €155 mln to €159 mln, excluding the effect of planned acquisitions.