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Deutsche Annington buys German residential portfolio for $1.3b
Deutsche Annington Immobilien SE has completed the purchase of the DeWAG portfolio of German residential properties for $1.3 billion, or $113,072 per unit. The sale was initially announced in February.
The portfolio consists of 11,500 residential units managed by DeWAG. In addition, Deutsche Annington has reached an agreement for the integration of a combined portfolio owned by Vitus Group of around 30,000 residential units.
The transactions increase Deutsche Annington’s presence in northern Germany with more than 9,500 residential units in Bremen and about 9,250 residential units in Kiel. The vacancy rate of the combined portfolio is below 4&