Mannheim-based Primus Valor has sold a residential portfolio in Germany for more than €30 mln to an institutional investor, marking the largest sale in the company's history.
Comprising three real estate packages in Siegen, Fulda and Lingen, the assets were held in the alternative investment fund, Primus Valor ImmoChance Deutschland 7 Renovation Plus (ICD 7).
Primus said that the fund would be dissolved within the next 12 months.
The assets comprise more than 550 residential units representing a total living space of almost 35,000 m2, plus 150 parking spaces and garages.
'We are very pleased about this successful sale. First of all, as it demonstrates once again that our investment strategy is working exceptionally well. Secondly, because this is a classic win-win situation between the fund as the seller and the institutional investor as the buyer,' said Gordon Grundler, founder and CEO of Primus.
'With this current sale, our investors were able to benefit from the bidding process carried out between several interested parties. The highest bidder acquires already modernised properties with a rental return at market value,' Grundler added.
The ICD 7 fund still holds properties in Frankfurt, Würzburg and two in Siegen but Grundler said the firm was already in discussion with potential buyers, and was counting on a quick sale, before winding up the fund.
