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- Portfolio with 10,053 apartments and 140 commercial units
- Purchase price of EUR 500 per square metre
- Gross yield of 10.7 percent
- Vacancy rate of the residential portfolio just 5.4 percent
KWG Kommunale Wohnen AG has acquired 49.9 percent of Wohnungsbau- und Verwaltungsgesellschaft mbH Greifswald (WVG). This is the largest transaction in the history of the company. WVG holds a portfolio consisting of 10,053 residential and 140 commercial units in Greifswald. The rentable area totals approx. 584,000 square metres and the vacancy rate is just 5.4 percent. After conversion, the purchase price for the portfolio comes to approx. EUR 500 per square metre. The portfolio was acquired at 9.4 times the net annual rent without utilities, which corresponds to a gross yield of 10.7 percent. It was sold by the city of Greifswald, which previously held 100 percent of WVG.
Stavros Efremidis, CEO of KWG Kommunale Wohnen AG, had this to say: "We are very proud that the city of Greifswald selected KWG. This is added proof that we are a very attractive partner for municipalities thanks to our long-term investment policy. Our personal connection to the city of Greifswald was certainly an added factor, since Greifswald will soon be home to the KWG headquarters."
With the acquisition of the additional properties, the portfolio held by KWG directly and through investments totals approximately 15,000 units. This means the prior objective to expand the portfolio to approximately 8,000 units by the end of 2008 was successfully realised by the middle of the year.
In addition to an attractive real estate portfolio, KWG is also acquiring some attractive mortgages and an apartment administration platform. The company expects this transaction to significantly increase NAV per share.
The CEO of KWG Kommunale Wohnen AG will be available to investors, analysts and representatives of the press for additional questions in a teleconference on 9 July, 2008 at 3:00 pm. Login data are available from Ms. Jutta Rehfeld by calling 0049 (0)40 22 63 088- 140.
- Portfolio with 10,053 apartments and 140 commercial units
- Purchase price of EUR 500 per square metre
- Gross yield of 10.7 percent
- Vacancy rate of the residential portfolio just 5.4 percent
KWG Kommunale Wohnen AG has acquired 49.9 percent of Wohnungsbau- und Verwaltungsgesellschaft mbH Greifswald (WVG). This is the largest transaction in the history of the company. WVG holds a portfolio consisting of 10,053 residential and 140 commercial units in Greifswald. The rentable area totals approx. 584,000 square metres and the vacancy rate is just 5.4 percent. After conversion, the purchase price for the portfolio comes to approx. EUR 500 per square metre. The portfolio was acquired at 9.4 times the net annual rent without utilities, which corresponds to a gross yield of 10.7 percent. It was sold by the city of Greifswald, which previously held 100 percent of WVG.
Stavros Efremidis, CEO of KWG Kommunale Wohnen AG, had this to say: "We are very proud that the city of Greifswald selected KWG. This is added proof that we are a very attractive partner for municipalities thanks to our long-term investment policy. Our personal connection to the city of Greifswald was certainly an added factor, since Greifswald will soon be home to the KWG headquarters."
With the acquisition of the additional properties, the portfolio held by KWG directly and through investments totals approximately 15,000 units. This means the prior objective to expand the portfolio to approximately 8,000 units by the end of 2008 was successfully realised by the middle of the year.
In addition to an attractive real estate portfolio, KWG is also acquiring some attractive mortgages and an apartment administration platform. The company expects this transaction to significantly increase NAV per share.
The CEO of KWG Kommunale Wohnen AG will be available to investors, analysts and representatives of the press for additional questions in a teleconference on 9 July, 2008 at 3:00 pm. Login data are available from Ms. Jutta Rehfeld by calling 0049 (0)40 22 63 088- 140.
