The BUWOG Group has acquired an extensive portfolio of residential and commercial real estate in the metropolitan region of Hannover and Bremen as well as in Kiel, Lübeck and Lüneburg. The purchase amounts to a total of 693 residential units, 32 commercial units and 386 parking spaces. The real estate package totalling 34 properties has a total floor area of around 41,300 sqm. The properties taken over by BUWOG are predominantly from the 1980s and are in good to very good locations. The current vacancy rate is 6%. The average actual rent is EUR 7.36 / sqm.

'This transaction fits perfectly with the BUWOG Group's existing portfolio. All of the properties are located in cities with a positive population outlook and dynamic economic growth. As a result, the demand for the apartments we have acquired in the medium price segment has been sustainably secured. Through maintenance and modernisation, we will also enhance attractiveness and reduce vacancies to 2%', explains Herwig Teufelsdorfer, COO of the BUWOG Group.

In northern Germany the provincial capitals of Bremen, Hannover and Kiel as well as the university cities of Lübeck and Lüneburg are strategic investment locations for the BUWOG Group. With a current total of approximately 16,000 units, the focus of the BUWOG Group's portfolio is on around 49,000 units in total in Germany and Austria. In addition, there are development projects with approximately 5,200 apartments in Berlin and 1,100 in Hamburg to create attractive living space.

Confidentiality on the price of the transaction and the buyers represented by PMM Partners has been agreed.

About the BUWOG Group

The BUWOG Group is the leading German-Austrian full-service provider in the residential property business and now looks back on 66 years of expertise. Its property portfolio encompasses approx. 49,000 units and is located in Germany and Austria. In addition to Asset Management, the entire value chain of the residential sector is covered by Property Sales and Property Development. The shares of BUWOG AG have been listed on the stock exchanges in Frankfurt am Main, Vienna (ATX) and Warsaw since the end of April 2014.

BUWOG AG published this content on 09 January 2018 and is solely responsible for the information contained herein.
Distributed by Public, unedited and unaltered, on 09 January 2018 09:29:02 UTC.

Original documenthttps://www.buwog.com/en/presse/pressemeldungen/buwog-group-acquires-real-estate-in-northern-germany-and-expands-its-portfolio

Public permalinkhttp://www.publicnow.com/view/E3D5AFB4C222D5470B7D9B0C6E12B3E99ACC35EE