ZBI takes over housing portfolio in Northern Germany from Eckpfeiler
ZBI of Erlangen is acquiring about 1,000 apartments in the north of Germany from Eckpfeiler Immobilien Group. Another 160 units are going to an unnamed buyer. The apartments are part of a portfolio originally consisting of about 1,800 units, which Eckpfeiler had bought in 2015 and 2016 from the non-core holdings of a listed company. According to TD research, that company was Vonovia. Eckpfeiler has invested roughly €8mn in the revitalization of the apartments, repairing structural deficiencies and reducing the vacancy rates from 20 to 35 % to now less than 5 %. Rental income, Eckpfeiler reports, was boosted by more than 25 %. The sale process was handled by Engel & Völkers Investment Consulting; the seller was advised by Rokosch Immobilien Management.
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