GIEAG Immobilien AG (GIEAG) has sold 118 residential units in Baumholder, Rhineland-Palatinate, with a total living space of c. 11,500m2 to Projekt Baumholder GmbH. In addition to 40 terraced houses, there are also 13 multi-family houses with six residential units each on the property, which has a total area of around 26,000m2. GIEAG had acquired the properties in April 2017.
"When we acquired the residential properties in Baumholder, we had recorded a high vacancy rate. In some cases, we have extensively refurbished and modernized the properties. Thanks to the great commitment of the GIEAG team, we now have almost full occupancy," said Philipp Pferschy, CEO of GIEAG Immobilien AG. "Following the successful completion of the project, now is the optimal time for a resale."
In addition to the adjacent Saar-Hunsruck Nature Park Baumholder is also well connected in terms of transport via Highway 62, the federal Highway 420 and a regional train station. In addition, the numerous shopping facilities in the town centre are within walking distance of the properties for sale. Not far from the city are also several large U.S. military sites.
The buyer is Projekt Baumholder GmbH as well as VVO Haberger AG.
"We combine tradition and innovation and will offer with the project Baumholder GmbH for our customers in the asset class real estate a capital investment, which creates at the same time for the tenants affordable housing. Here too, as in 2020 with the purchase of 55 semi-detached houses from GIEAG in Erbendorf, we are personally so convinced of the investment that we invest there privately and hold apartments in our own portfolio," said Steffen Nill, COO VVO Haberger AG.