Erlagen-based Zentral Boden Immobilien (ZBI), through its real estate funds Wohnungsfonds I, II and III, has sold about 6,000 houses and 400 commercial units to Citcor Residential Holding, which is a joint venture between Citigroup Property Investors (90%) and CorpusSireo (10%). The transaction price is between EUR 420 mln and EUR 480 mln, German newspaper Immobilien Zeitung reported. The amount will be paid as soon as ZBI has rented out the remaining houses. The units are located across Berlin (2,400), the Hamburg region (1,000) as well as in Dresden, Leipzig, Bremen, Duesseldorf and Bayreuth. After completion of the deal, ZBI's Wohnungsfonds I and II will be closed following a running time of only 4.5 and/or. 2.5 years.
Erlagen-based Zentral Boden Immobilien (ZBI), through its real estate funds Wohnungsfonds I, II and III, has sold about 6,000 houses and 400 commercial units to Citcor Residential Holding, which is a joint venture between Citigroup Property Investors (90%) and CorpusSireo (10%). The transaction price is between EUR 420 mln and EUR 480 mln, German newspaper Immobilien Zeitung reported. The amount will be paid as soon as ZBI has rented out the remaining houses. The units are located across Berlin (2,400), the Hamburg region (1,000) as well as in Dresden, Leipzig, Bremen, Duesseldorf and Bayreuth. After completion of the deal, ZBI's Wohnungsfonds I and II will be closed following a running time of only 4.5 and/or. 2.5 years.
