Go Back

Velero Group buys approx. 2,700 apartments in North Rhine-Westphalia on behalf of a client.

18. June 2019
  • Almost 2,700 apartments with approx. 208.000 m2 acquired
  • Locations Dortmund, Duisburg, Wuppertal, Remscheid and Dorsten

The Velero Group has notarized the purchase of a total of 2,700 residential units. The sellers are subsidiaries of LEG Immobilien AG.

The properties in the acquired portfolio are located in the cities of Dortmund, Duisburg, Remscheid, Wuppertal and Dorsten. The buyers plan to further develop the properties, improve their technical condition and reduce the vacancy rate. To this end, major investments are planned for the refurbishment of the portfolios and the vacant apartments. At the Dorsten site, it has been agreed with the seller that the buyers will enter into the settlement agreement concluded between the city of Dorsten, DWG and LEG on the same terms. The buyer also has a positive attitude towards the sale of a plot of land of interest to the city.

The Velero Group already manages over 4,500 residential units for its investors in North Rhine-Westphalia. The entire portfolio in Germany, which is now managed by the group, could be expanded to more than 10,400 apartments with the purchase. Further offers are currently being examined.

Since its foundation in August 2015, the Velero Group has grown to 65 employees. Velero and its partners continue to pursue the goal of making investments in residential portfolios in up-and-coming locations. In addition to the transaction and financing business, the range of services covers the entire value chain of property management – asset, property and facility management.

The buyers were advised by law firm Greenberg Traurig Germany, LLP, on tax matters by SWAP Steffen Wissmann Accounting Performance and on technical matters by Aspera technics GmbH. The purchase agreement was notarized at the notary’s office of Karin Arnold in Berlin.

The parties to the purchase agreement have agreed not to disclose the terms and conditions.