German listed residential group TAG Immobilien has announced the sale of 2,600 residential units in Berlin for a total of over €170 mln, generating a €35 mln profit on the assets' IFRS book value.
German listed residential group TAG Immobilien has announced the sale of 2,600 residential units in Berlin for a total of over €170 mln, generating a €35 mln profit on the assets' IFRS book value.
The name of the buyer was not disclosed.
The disposal involves a 2,600-unit property in the Marzahn district of the German capital and is expected to close by the end of the year.
The deal is expected to result in net cash inflow (after deduction of debt) of around €72 mln and an increase in NAV per share of about €0.30, TAG said in a statement.
The company plans to reinvest the capital in further acquisitions with higher initial returns.
