The Munich-based, family-managed real estate corporation GIEAG Immobilien AG (GIEAG) has announced the sale of a portfolio of existing properties comprising 55 semi-detached houses in Erbendorf in the Oberpfalz district of Bavaria.
The 55 semi-detached houses with a solid wall construction and a total dwelling area of approx. 8,000 square metres were erected in 2008 by the City of Erbendorf on a plot of land covering approx. 19,600 square metres and purchased by GIEAG from the City of Erbendorf in 2011. The residential portfolio is as good as new and in a well-kept condition; at present – following a recent extension on the lease – it is rented in full to Germany’s Institute for Federal Real Estate. The end users of the residential properties are members of the US armed forces.
The sale to a group of private investors was completed in the framework of an asset deal in a structured transaction process which was accompanied on the seller side by BGA Invest GmbH, Grünwald near Munich. Legal and tax consulting was provided by SATELL Rechtsanwälte Steuerberater, Munich.
“Our mission statement “Developing values for generations” has been confirmed in an impressive manner with the sale of these existing properties in Erbendorf. Our intuition regarding long-term forecasts for market developments and the ability to reach the right decisions in the framework of investments over a number of years form the basis for our sustainable economic success. The sale has also been a success in financial terms and will contribute to the further growth of our group of companies in the future”, says Philipp Pferschy, one of the board members at GIEAG Immobilien AG.