Peach Property buys in North Rhine-Westphalia
Peach Property Group has notarized a contract for the acquisition of a residential portfolio in Marl, North Rhine-Westphalia, before Christmas. The transaction is to be completed at the beginning of January.
The portfolio consists of a total of 221 apartments in Marl, a city in the northern Ruhr region with a population of around 85,000. The apartments are in good structural condition and 95.5 percent are leased, Peach Property says. They are located not far from the company's portfolios in the Rhine-Ruhr area, which leads to synergies in management.
The closing of the transaction, expected in early January, will bring Peach's apartment portfolio to more than 8,600 units with 560,000 sq. ft. of rentable space, according to the company. The annual target rent will increase by 2.9 percent to 45.5 million. (ah)
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