Swiss Life Asset Managers buys 2,535-rental unit portfolio

Domicil Real Estate Group, an investment and asset manager based in Germany, has acquired the “NOW” residential portfolio as part of an asset deal. The financial terms were not disclosed; however, the seller is a fund of Swiss Life Asset Managers.

The transaction comprises 86 residential properties spread across 20 locations in seven clusters throughout Germany. The majority of the properties are located in metropolitan regions, with more than 50 percent in state capitals. The portfolio encompasses a total of 2,535 units, of which 2,389 are residential units. The total leasable area amounts to 156,436 square meters (1.7 million square feet); the vacancy rate is 6.8 percent.

“The purchase of the ‘NOW’ portfolio is another important step in our growth strategy and promises enormous development potential. The concentration on economic conurbations means that we can expect units to be easily lettable and a high level of demand for the condominiums. The current va