Velero buys 4,500 apartments, 2,000 apartments are resold.

• 4.500 apartments with over 16 million euros net cold rent acquired
• Main concentration in North Rhine-Westphalia
• Most important locations Dortmund, Duisburg, Bochum and Essen

Velero today concluded purchase agreements for a total of 4.500 apartments and 180 commercial units. The portfolio of around 300,000 m² generates an annual net cold rent of EUR 16.2 million and, with a vacancy rate of 9.2%, still offers attractive potential for value appreciation.

The properties in the acquired portfolio are predominantly located in North Rhine-Westphalia, where Velero already manages over 2,500 residential units for its investors. This results in considerable synergy potential. The largest locations in the portfolio are Dortmund, Duisburg, Bochum and Essen.

In total, Velero now manages over 9,300 apartments in North Rhine-Westphalia and the new federal states. Further growth through acquisitions is planned. Headquartered in Berlin, the company has grown to 22 employees since it was founded in August 2015 and is dedicated to investing in and managing residential portfolios in up-and-coming locations. In addition to the transaction and financing business, its range of services covers the entire value chain of property management – asset, property and facility management.

The parties have agreed not to disclose the identity of the sellers or the purchase price.

The buyers were advised by the law firm Greenberg Traurig Germany, LLP, the tax consultancy firm SWAP Steffen Wissmann Accounting Products and on technical matters by BBT GmbH.