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Colonia Real Estate AG buys 365 apartments in Germany

Company has acquired nearly 2,000 apartments

By Inman News, Thursday, December 22, 2005.

Inman News®

Colonia Real Estate AG acquired an apartment portfolio of 356 apartments in Bremen, Germany, from a municipal housing society, the company said today.

 

The purchase price was 6.7 million Euros, the company said, and the annual rental excluding utilities is 0.8 million Euros. The vacancy rate for the 356 apartments is less than 4 percent.

 

With today's purchase and last week's acquisition of 1,600 apartments in the Hamburg, Germany, area, Colonia Real Estate has acquired nearly 2,000 apartments through its wholly owned subsidiary CRE Wohnen GmbH.

 

Added to the 2,700 apartments purchased in July through another subsidiary, the recent acquisitions increased the group's apartment property holdings to nearly 4,700 units over the past six months. The gross yield return of the entire holding is well above 10 percent, according to Colonia.

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