Peach Properties, the Swiss-listed residential real estate investor, has acquired 900 apartments in the southwestern German city of Kaiserslautern.
The vendor was a large German property company and both sides agreed not to disclose the price.
The 63,400 m2 portfolio comprises 901 apartments and 10 commercial units and 589 parking spaces. The deal increases the total lettable space in Peach Property Group's investment portfolio by 34% to almost 250,000 m2 and raises the number of apartments by around 40% to 3,150 units.
The new residential portfolio has annual target rent of around CHF 4.4 mln (€4.1 mln) and generates an actual annual net rent of around CHF 4.1 mln. The acquisition will raise the group’s annual target rent by more than a third to a new high of more than CHF 16.2 mln. The new portfolio is spread across a total of 12 sites in Kaiserslautern and is in good condition. The overall vacancy rate is less than 5%.
