KKR, a leading global investment firm, and Velero have announced the completion of an acquisition of 1,625 homes. The vast majority of the acquired real estate units are located in North Rhine-Westphalia (NRW). KKR and Velero, a fully integrated platform for residential real estate and asset management, have acquired the apartments from a family business in North Rhine-Westphalia. The transaction follows the acquisition of a portfolio of more than 14,400 real estate units by KKR and Velero, announced in mid-January, as part of the further strategic expansion of Velero’s residential real estate platform in Germany.
The units are primarily located in the cities of Duisburg, Gelsenkirchen, Krefeld and Ahlen, with further apartments in Bochum, Recklinghausen, Witten, Wuppertal and Hagen. The acquired portfolio thus complements Velero’s existing presence in NRW, Germany’s most populous federal state. With stable rents, a robust job market and a strong overall economic environment, NRW has a particularly attractive real estate market. With the acquisition of the portfolio, Velero is further expanding its presence in this region. This enables increases in efficiency in asset, property and facility management and ensures efficient and high-quality services for tenants.
Thomas Lange, Co-CEO of Velero: “Following the acquisition of the portfolio from the Adler Group, we have now made another strategic investment in Germany in partnership with KKR. As a specialist in the repositioning of residential properties, we will ensure the quality of the newly acquired apartments improve and reduce vacancies. The apartments fit perfectly into our portfolio, as we know most of the locations and locations through an existing local presence.”
As a result of this transaction, Velero’s portfolio now includes more than 25,000 apartments in Germany, of which more than 9,000 apartments are located in North Rhine-Westphalia. The leases of all tenants in the portfolio will remain unchanged. Velero will continue to offer high-quality living space at affordable prices.
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