Düsseldorf-based investor WGF has acquired a major residential and commercial real estate portfolio in Germany for about EUR 100 mln. The company said it was the 8th largest German residential property transaction so far in 2009.
Düsseldorf-based investor WGF has acquired a major residential and commercial real estate portfolio in Germany for about EUR 100 mln. The company said it was the 8th largest German residential property transaction so far in 2009.
The vendor was Swiss private equity group Corestate Capital.
The 140,000-m2 portfolio comprises 1,879 apartments and 95 commercial units. The majority of the assets are situated in North Rhine-Westphalia. The vacancy rate of the portfolio is just 2%.
Founded in 2003, WGF's strategy is to acquire real estate in Germany and increase the value by modernisation prior to re-sale. On this basis, WGF creates investment funds and investment products for private and institutional investors.
Corestate Capital is based in Zug, Switzerland and in London. Since it was created it 2006, the private equity group has invested EUR 1.5 bn in the German real estate market, where Corestate Capital is active as an investor, co-investor, vendor and asset management.
