Velero and Asterion buy over 1,350 apartments in NRW and Saxony-Anhalt.

Residential portfolio in NRW

Velero acquired a total of over 1.350 apartments in 3 transactions at a total purchase price of € 53.6 million and an annual net cold rent of just under € 5 million.

Both a family and institutional investors were sellers. The largest single location is Duisburg with a share of around 43%. The economic transfer of the first transaction will be completed on 01.10.2016, with two transfers of benefits and encumbrances planned for the end of 2016.

With a vacancy rate of 7.3%, the properties certainly offer further potential for optimization.

This brings the Asterion Group’s total portfolio to 2.870 apartments after just 6 months of active acquisition activity, and the specialists at Velero are happy for this to continue: “We are currently experiencing a very difficult transaction market for buyers, but we feel vindicated by our acquisition successes. We have built up a considerable pipeline for the Asterion Group, which we now need to work on and take to the finish line,” says Thomas Lange, Managing Director of Velero.

During the contract negotiations, Velero and Asterion were advised by the law firm Greenberg Traurig LLP in Berlin and by SWAP (Steffen Wissmann Accounting Products), Cologne.