Varia invests capital from IPO
Varia US Properties has now fully invested the capital of USD 124.7 million that it raised when it went public at the end of 2016.
In total, Varia has acquired 13 properties with 3,237 residential units, with three of these acquisitions to be completed in the coming weeks, according to the real estate company.
The total purchase price is 269.7 million dollars and the equity invested amounts to 117.3 million. This includes the investment expenses for the first year, according to Varia. The average price per residential unit is 83,308 dollars. After completion of the transactions, the real estate company's total portfolio will consist of 50 properties with a total of 8,243 residential units.
Investments in the south and west of the USA
Varia has invested in the south and west of the USA. Real estate is in particularly high demand there due to favorable demographic trends and growth forecasts.
Four properties are located in the Dallas region, three in the Phoenix/Tucson region (Arizona) and four in the Midwest. Of these, two properties are located in St. Louis/Missouri and one each in Louisville/Kentucky and Evansville/Indiana. In addition, Varia purchased a property in Columbia (South Carolina) and one near Seattle.
Varia primarily acquires second and third-tier residential properties in secondary and tertiary markets. As Patrick Richard, Delegate of the Board of Directors, says, the real estate portfolio is to be optimized through strategic investments and conversions.
