Velero and Asterion buy residential portfolio in Saxony.

Residential portfolio in Kamenz, Saxony

Velero has acquired 368 apartments in Kamenz, Saxony, around 50 km from Dresden, as part of its exclusive mandate for the Luxembourg-based Asterion Group. 50 km from Dresden.

The annual net cold rent amounts to € 1.05 million with a vacancy rate of 12.5%. The economic transition is to be completed at the turn of the year.

Thomas Lange, Managing Director of Velero Partners, says: “With a vacancy rate of 12.5%, the refurbished properties offer further potential for optimization.”

Velero Partners has thus built up a total portfolio of 3,250 apartments for the Asterion Group since March of this year, which is to be further increased. “We are currently reviewing further portfolios, which we hope to complete in 2016,” says Thomas Lange.

Velero was advised by the law firm Greenberg Traurig Germany, LLP, Berlin, during the contract negotiations. The technical due diligence was carried out by BBT GmbH from Berlin.