Hungarian-owned CEE real estate developer the Futureal Group is selling its residential portfolio in Kaiserslautern, SW Germany, to a Switzerland-listed property firm. Futureal intends to reinvest the acquired financial resources from the deal into more than 50 ongoing projects in Europe, the company told the Budapest Business Journal.
The six buildings involved in the transaction were originally built between 1926 and 1956, with the renovation of the majority of facades and more than two-thirds of the apartments taking place in the past few years.
The buildings currently house a total of 200 apartments and five retail units in the heart of the city, near the train station and the University of Kaiserslautern. Some 95.5% of the apartments and all retail units are currently occupied.
Futureal Group, one of the leading real estate developers and investors in the CEE region, is managing more than 50 projects simultaneously at the moment, with a total value of approximately EUR 1 billion and a gross area of over 700,000 square meters.
The group closed a number of significant transactions in the last few months, including the sale of its Corvin Offices portfolio in Budapest to the OTP Group. Futureal aims at increasing its footprint in Western Europe and will be announcing new acquisitions in the near future, the company says.