CORESTATE Capital, a specialised real estate investor based in Zug/Switzerland, announces the sale of a German residential property portfolio to GAGFAH Group.
The parties have agreed to keep the sales price confidential. The portfolio includes around 4,960 residential units spread across several major cities in North Rhine-Westphalia, Germany.
Thomas Landschreiber, Chief Investment Officer, CORESTATE Capital comments: “Our specialized asset management team began to take the necessary steps to reposition and stabilize the portfolio as soon as we had acquired it. Committing a pinpoint cash-flow, we refurbished parts of the portfolio, decreased vacancy rates, enforced market-consistent rent increases, and thereby created an increase in value and value retention of the properties."
Source: Corestate Capital