Greenberg Traurig advised Peach Property Group AG on the acquisition of 4,300 apartments in North Rhine-Westphalia and the metropolitan region of Bremen. The group is an investor listed on the Swiss stock exchange and specialising in the holding of real estate in Germany with a focus on residential real estate. Following the acquisition, its portfolio will grow by 19 percent to around 27,500 apartments. The parties have agreed not to disclose the purchase price.
The portfolio comprises a total residential area of 275,000 square meters, 800 square meters of commercial space and more than 1,500 parking spaces. The annual net rental income amounts to around CHF 21 million, according to Peach Property. The group reports that the current apartment vacancy rate is approximately five percent. The properties were built between 1920 and 1990 and are mostly in very good condition.
Greenberg Traurig advised Peach Property comprehensively on all real estate and corporate law aspects of the transaction by way of a share deal.
Background: The Greenberg Traurig team from Berlin and Amsterdam advised Peach Property for the first time on a real estate transaction.
About Greenberg Traurig: Greenberg Traurig, LLP (GT), has approximately 2200 attorneys in 40 locations in the United States, Latin America, Europe, Asia, and the Middle East. GT has been recognized for its philanthropic giving, diversity, and innovation, and is consistently among the largest firms in the U.S. on the Law360 400 and among the Top 20 on the Am Law Global 100. The firm is net carbon neutral with respect to its office energy usage and Mansfield Rule 3.0 Certified. Web: www.gtlaw.com
The portfolio comprises a total residential area of 275,000 square meters, 800 square meters of commercial space and more than 1,500 parking spaces. The annual net rental income amounts to around CHF 21 million, according to Peach Property. The group reports that the current apartment vacancy rate is approximately five percent. The properties were built between 1920 and 1990 and are mostly in very good condition.
Greenberg Traurig advised Peach Property comprehensively on all real estate and corporate law aspects of the transaction by way of a share deal.
Background: The Greenberg Traurig team from Berlin and Amsterdam advised Peach Property for the first time on a real estate transaction.