CEE real estate developer Futureal Group has divested its apartment portfolio in Kaiserslautern, Germany, to a professional real estate investment firm listed in Switzerland.
Financial details were not disclosed.
The firm said that proceeds from the deal will be reinvested in the group’s portfolio of over 50 ongoing projects throughout Europe.
The six buildings sold as part of the transaction were originally constructed between 1926 and 1956, and the majority of the facades and over two-thirds of the apartments were renovated over the last few years.
The buildings house 200 apartments and five retail units in the city centre, close to the train station and the University of Kaiserslautern. 95.5% of the apartments and all retail units are currently occupied.