Located in the Metro Ruhr area of Germany, mainly in the cities of Recklinghausen, Hamm and Herne, the portfolio comprises 1,406 homes, of which 192 are houses and the remainder apartments, and six commercial units covering more than one million sf. The portfolio generates annual income of euro 4.5 million ($5.2 million) reflecting a running yield of approximately 6.3%.
Completion is anticipated by Dec. 31 and is subject to approval from Wfa, the state lending institution which provides subsidized loans for social housing development. Approval will enable Grainger to assume the current low cost debt on part of the portfolio.
'This is an opportunity to acquire high quality assets. It is also an important step forward in achieving our European strategy and the portfolio provides us with a strong platform in Germany from which we can grow," says Rupert Dickinson, chief executive of Grainger.
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