Listed German residential landlord TAG Immobilien has sold 920 residential units in Berlin to local housing associations for a total of €76 mln.
Listed German residential landlord TAG Immobilien has sold 920 residential units in Berlin to local housing associations for a total of €76 mln.
The company realised a book profit of around €6 mln for the properties in the Staaken, Neukölln, Lankwitz and Charlottenburg districts of the German capital.
The 218 units in Staaken, with a total area of 16,300 m2, were sold in the first week of December for €21.5 mln. The property has a vacancy rate of 1.8%.
The disposal of 702 properties in the other three districts with a total area of 43,000 m2 took place in mid-December for €54.5 mln. The portfolio has an average vacancy rate of 5.3%.
TAG said both disposals were well above the book value of the properties in the highly priced Berlin area.
