Vivacon sells residential portfolio and ceases PM activities

German listed real estate group Vivacon has announced the sale of a residential portfolio and the firm's 80% stake in property manager Curanis Holding to German firm Consus Property Group. The financial details were not disclosed.

Vivacon said it had closed down its property management activities following the sale of the stake in Munster-based Curanis to focus on its activities in asset management of leasehold portfolios.

The residential portfolio comprises about 734 units with a total area of 47,000 m². The units are located predominantly in North Rhine-Westphalia and Bremen.

Vivacon said the transaction was an important part in the context of the ongoing restructuring of the Cologne-based company. The disposal leads to a reduction of bank liabilities in the amount of approximately EUR 44 mln. Vivacon has carried out several property sales this year to deal with liquidity problems.