Germany's Dewag Group and Syntrus Achmea Real Estate & Finance, a real estate and mortgage investment manager for institutional investors based in the Netherlands, have acquired nine German multi-family dwellings on behalf of a Dutch pension fund.
Financial details were not disclosed.
The nine properties comprise around 260 apartments, and a total living space of about 18,000 m2. The seller is a pension fund based in Northern Germany.
According to Dewag, the residential complexes date from the 60s, 70s and 80s and are located in good residential areas of Frankfurt, Wiesbaden and five other locations in the metropolitan Rhine-Main region. Dewag said it intends to redevelop the properties with a sustainable upgrade, spending a sum in the single-digit million range.
'This acquisition optimally complements our existing portfolio in the Rhine-Main area,' said Dewag's managing director, Michael Herzog. 'The metropolitan region is one of the strongest in Germany, in both a demographic and economic sense. We are now working to make the real estate fit for the future.'
The deal was brokered by Cushman & Wakefield.