Velero Partners and Asterion buy real estate portfolio with approx. 1,000 residential units.

Hagen Ulmensiedlung

A residential real estate portfolio with a total of around 1,000 residential units in a major city in North Rhine-Westphalia was purchased today. With a vacancy rate of 6.8%, the portfolio currently generates around 3.5 million annual net cold rent. The portfolio has a total area of around 64,700 square meters. The seller of the properties is a housing company. The parties have agreed not to disclose the purchase price.

Back in March, Berlin-based Velero acquired the first residential property portfolio with 455 units in Bad Dürrenberg, Saxony-Anhalt, on behalf of Asterion Wohnen; the second purchase has now followed.

Velero will take over asset management for the portfolio. The transfer of benefits and encumbrances is scheduled for the first half of 2016. Further purchases are imminent. The focus is on smaller portfolios and properties with between 100 and 1,000 residential units.

Greenberg Traurig Germany, LLP, Berlin, advised Velero and Asterion during the contract negotiations. The technical due diligence for the buyer was carried out by BBT Gruppe from Berlin.