Vivacon has sold a residential real estate portfolio as part of the German firm's restructuring process for an unknown amount. The portfolio, which is mainly located in Western Germany, consists of more than 2,400 residential and commercial units with a total area of more than 146,000 m[sup]2[/sup].
Vivacon has sold a residential real estate portfolio as part of the German firm's restructuring process for an unknown amount. The portfolio, which is mainly located in Western Germany, consists of more than 2,400 residential and commercial units with a total area of more than 146,000 m2.
In a statement, Vivacon said the disposal would lead to a reduction of bank liabilities of about EUR 83 mln. In addition, Vivacon sold a portfolio of ground lease properties. The parties agreed not to disclose the disposal price and other details of the transactions.
Vivacon also said a subsidiary, which owns 38 residential units in Hameln, Germany, had filed for insolvency in the context of the group’s restructuring.
