Swiss real estate company Peach Property has announced the acquisition of a portfolio of 1,066 apartments, nine commercial units and 771 parking spaces in Heidenheim, in the Baden-Württemberg region of Germany.
The deal, which lifts the group's residential portfolio by 15% to around 8,000 units, encompasses 73,700 m2 of space with an average occupancy of 95%.
Financial details as well as the name of the buyer were kept confidential.
The transaction is expected to close in the third quarter of 2018.
The Zurich-based group said that it plans to retain the majority of the apartments while only a minority will be privatised. The assets are expected to generate rents of €5.5 mln a year.
Thomas Wolfensberger, Peach Property Group’s CEO, commented: 'Peach Property has established a strong presence in the south of Germany thanks to this acquisition. We are convinced of Heidenheim in Baden-Württemberg with its strong economy and are very pleased to be represented here with a rental cluster which has a critical size from the very outset. This will allow for a focused asset management with local resources to leverage the existing potential.'