Varia US Properties expands portfolio
Varia US Properties AG has completed three acquisitions since its capital increase in December 2016. Five other projects are in the contracting phase, the company said.
Varia US Properties closed the first transaction after the capital increase on December 29, 2016. The property, named "Wood Hollow", is located not far from Dallas Fort Worth Airport in the immediate vicinity of the planned new headquarters of American Airlines in the US state of Texas. It comprises 346 residential units and the purchase price was USD 28.7 million.
In addition, Varia acquired two further properties at the beginning of February 2017. The "Crowne Lake" property is located in Columbia (South Carolina) and comprises 272 residential units. The corresponding contract was signed on February 7. The purchase price amounts to $23.6 million. The contract for the property "The Ridge on Spring Valley" in Dallas (Texas) with a volume of $18.3 million was signed on February 9. The property includes 208 residential units.
Further acquisitions in the pipeline
Five additional projects totaling $84.2 million are currently in the contracting phase, according to Varia. The properties are located in Missouri (St. Louis), Indiana (Evansville), Washington state (Bremerton - Seattle) and Texas (Dallas Fort Worth region). All projects are in line with Varia's strategy of primarily acquiring second- and third-tier properties in secondary and tertiary markets, Varia said.
The company expects the new funds from the offering - $127.7 million - to be fully deployed by the end of June at the latest.
