The Luxembourg company Grand City Properties plans a further investment spree of €200m to add to its German residential holdings. From its German headquarters in Berlin, the group manages about 16,200 residential units with a gross lettable area of more than 1.2m sqm, primarily in Berlin itself and in North Rhine-Westphalia. The next wave of acquisitions will target properties in Nüremberg, Dresden, Leipzig, Mannheim and Bremen – with at least 5,000 units in the immediate pipeline, says the company.
Board member Christian Windfuhr says the short-term goal is to head past the 20,000-unit mark over the next six to nine months, and the group has a war-chest of €200m for the right assets, partly funded by a recent private capital placement and a €90m convertible bond. The group is targeting portfolio sizes of between 300 and 2,000 units, with upside potential on both the vacancy rate and the rent levels.
