Velero and Asterion buy residential portfolio in Saxony

November 14, 2016

 

As part of its exclusive mandate for the Luxembourg-based Asterion Group, Velero has acquired 368 apartments in Kamenz, Saxony, about 50 km from Dresden.

 

The annual net rent is € 1.05 million with a vacancy rate of 12.5%. The economic transition should be completed at the turn of the year.

 

Thomas Lange, Managing Director of Velero Partners, says: "With a vacancy rate of 12.5%, the renovated properties offer further optimization potential".

 

Velero Partners has thus built up a total portfolio of 3,250 apartments for the Asterion Group since March this year, which is to be further increased. "We are currently reviewing further portfolios for which we hope to be able to complete the process in 2016," says Thomas Lange.

 

Velero was advised in the contract negotiations by the law firm Greenberg Traurig Germany, LLP, Berlin. The technical due diligence was carried out by BBT GmbH, Berlin.