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Velero buys 305 residential units in Saxony and Thuringia

14. December 2022

Velero is taking over the management of the entire portfolio. The rental agreements of all tenants in the portfolio will remain unchanged.

The apartments are located in Altenburg, Kamenz and Görlitz, among other places, and have a total rental area of around 20,000 m². With a current vacancy rate of around 13 percent, the portfolio offers additional development potential.

Thomas Lange, Co-CEO of Velero: “With this acquisition, we are specifically strengthening our presence in Saxony and Thuringia. We already manage around 7,000 units in both federal states and are therefore familiar with the local conditions of the locations. We are now investing in the quality of the newly acquired properties and reducing the vacancy rate. Despite the current challenges, we are convinced of the potential of the German residential real estate market. The demand for affordable living space remains high. We want to continue to grow accordingly and are planning further acquisitions. The focus is on portfolios comprising at least 1,000 residential units.”

Legal advice on the transaction was provided to Velero by the law firm Greenberg Traurig Germany, LLP, Berlin. Aspera technics GmbH was responsible for the technical evaluation.