Deutsche Annington Immobilien SE / Key word(s): Real Estate/Real Estate 02.09.2014 / 08:39
Deutsche Annington increases its portfolio by more than 5,000 apartments
Bochum, September 2, 2014 - The Deutsche Annington Immobilien Group ('Deutsche Annington') has announced the purchase of more than 5,000 apartments and around 210 commercial units focusing on Berlin. The portfolio, which will be acquired from CitCor Residential Group (CitCor), a joint venture of Citigroup Property Investors and CORPUS SIREO, is spread across a number of cities including Berlin, Dresden, Jena, Leipzig and Erfurt.* The total portfolio encompasses living and usable space of more than 344,000 square metres.
'The purchase of the new units represents another step in our growth strategy to generate value from our existing portfolio and to develop new, high-quality portfolios with the acquisition', said Rolf Buch, CEO of Deutsche Annington.
The purchase meets the acquisition criteria published by Deutsche Annington and has a positive effect on both FFO and NAV per share and maintains our BBB rating from Standard & Poor's.
'The new apartments are located in growth areas in Germany with attractive markets. In addition, we are raising our countrywide presence as Germany's largest apartment company with the acquisition of the new apartments in metropolitan areas of the new federal states. The housing package fits our existing portfolio well and can be optimally integrated into our efficient and price-conscious management platform. With an average price per square metre of EUR 5.52, the net rents fulfil our claim of ensuring affordable housing even in metropolitan areas', explained Klaus Freiberg, Member of the Management Board of Deutsche Annington.
The transaction was signed on 29 August. The purchase is subject to certain conditions. Closing is expected at the end of the year and the integration should be completed by early 2015.
Further information can be found on our website: http://investoren.deutsche-annington.com/download/companies/deutscheanningtonimmo/Presentations/Franconia-Investor_Relations.pdf.
* Around 2,500 units will be added in Berlin and the surrounding area and more than 16,200 apartments will be managed in the capital in the future. In Dresden, there are more than 560 apartments and 40 commercial units. In future around 1,050 apartments will be managed in Dresden. In Jena, there are currently more than 400 apartments. In future around 550 apartments will be managed in Jena. In Leipzig, there are more than 300 apartments and ten commercial units. In future around 1,500 apartments will be managed in Leipzig. In Erfurt, there are around 250 apartments and five commercial units. In future around 650 apartments will be managed in Erfurt.
About Deutsche Annington
The Deutsche Annington Immobilien Group is Germany's leading housing company with approximately 185,000 own-managed residential units, 26,800 residential units managed for third parties as well as around 3,250 employees. Deutsche Annington can be found at around 550 locations across Germany and offers customer-oriented services (valid: June 30, 2014).
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