NIENBURG, GREMANY—Residential property company Gagfah has divested a portfolio of 134 apartments and eight commercial units in Nienburg, Lower Saxony.
The buyer is city's housing company GBN, according to a report on PropertyEU.com.
The sale of the apartments, which are in need of renovation, is in line with Gagfah's plan to sell around 11% of its portfolio as part of a refocussing on its top locations.
“Gagfah has identified 11% of the portfolio as regional non-core, meaning that those assets are in remote locations and will be disposed of in the next few years,” the company recently said in a statement.
The firm's portfolio includes about 144,000 own residential units and more than 35,000 units under property and facility management for third parties.
Financial details of the deal were not disclosed.
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David Phillips
David Phillips is a Chicago-based freelance writer and consultant with more than 20 years experience in business and community news. He also has extensive reporting experience in the food manufacturing industry for national trade publications.
