Velero Group purchases approx. 2,700 apartments in North Rhine-Westphalia on behalf of a client
Almost 2,700 apartments with approx. 208,000 m2 acquired
Locations Dortmund, Duisburg, Wuppertal, Remscheid and Dorsten
18.06.2019: 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 purchased portfolio are located in the cities of Dortmund, Duisburg, Remscheid, Wuppertal and Dorsten. The buyers plan to further develop the portfolio, improve its technical condition and reduce vacancies. To this end, major investments are planned for refurbishment of the inventories and empty apartments. At the Dorsten location, 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 at the same conditions. Furthermore, the buyer's side 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, was expanded to more than 10,400 apartments with the purchase. Further offers are currently being reviewed.
Since its foundation in August 2015, the Velero Group has grown to 65 employees. Velero and its partners continue to pursue the goal of investing in residential portfolios in up-and-coming locations. In addition to transaction and financing business, the range of services includes the complete value chain of management - asset, property and facility management.
The buyers were advised by the law firm Greenberg Traurig Germany, LLP, in tax matters by SWAP Steffen Wissmann Accounting Performance and in technical matters by Aspera technics GmbH. The purchase agreement was notarized at the notary's office Karin Arnold in Berlin.
The parties to the purchase agreement agreed not to disclose the terms and conditions.