German residential specialist Deutsche Wohnen has acquired 2,839 apartments in Germany from Northern European residential investor Akelius for €685 mln.
'The proceeds of sale will be used to reduce debt,' said Pål Ahlsén, Akelius CEO. 'It is one step further in the operation to increase our rating from BBB to BBB+.'
Some 1,753 of the apartments are located within the Rhine-Ruhr metropolitan region, in Cologne and Düsseldorf, while 1,086 are located within the Frankfurt-Rhine metropolitan region, in Frankfurt, Wiesbaden and Mainz.
They were all constructed between between 1900 and 2018.
Luther Rechtsanwaltsgesellschaft, CBRE and Warth & Klein Grant Thornton were Akelius’ consultants in the transaction.
