WGF acquires German residential portfolio from Pirelli RE

German property group Westfälische Grundbesitz und Finanzverwaltung (WGF) has acquired a portfolio of 1,187 residential units in Germany from Italy's Pirelli Real Estate for about EUR 56 mln.

The properties are located in Lower Saxony and Schleswig Holstein, Germany. The properties mainly consist of three to four storey apartment blocks. The total residential area comprises 70,731 m². The occupancy rate amounts to 97%. Due to the very high standard of maintenance up to now, there is no major need for renovation. Following the deal, WGF owns 4,473 homes and 166 commercial units with a total area of 360,000 m².

At the end of 2009 WGF acquired a real estate portfolio with 1,879 homes and 95 commercial units from the Swiss Corestate Group with in the eight largest residential real estate transaction in Germany last year.