Listed German real estate group TAG said the volume of its portfolio is expected to grow by EUR 840mln after one of its companies acquired a portfolio of 1,250 high-yielding residential properties and a plot of land for a apartment building project in Hamburg. Construction work is scheduled to begin in the fourth quarter of 2008. The company also sold two properties.
Listed German real estate group TAG said the volume of its portfolio is expected to grow by EUR 840mln after one of its companies acquired a portfolio of 1,250 high-yielding residential properties and a plot of land for a apartment building project in Hamburg. Construction work is scheduled to begin in the fourth quarter of 2008. The company also sold two properties.
The TAG company bought the residential property portfolio, with a total rented floor space of 82,000 m2, from public utility Versorgungsanstalt des Bundes und der Lander (VBL). The properties are concentrated in Hamburg, Berlin and the Rhine/Main region.