Corestate sells German resi portfolio to Gagfah

Corestate Capital has sold a portfolio of German residential properties to Gagfah Group. The portfolio includes 4,960 residential units spread across several major cities in North Rhine-Westphalia. The price of the deal was not disclosed.

“Our specialized asset management team began to take the necessary steps to reposition and stabilize the portfolio as soon as we had acquired it...we refurbished parts of the portfolio, decreased vacancy rates, enforced market-consistent rent increases, and thereby created an increase in value and value retention of the properties,” said Thomas Landschreiber, CIO of Zug-based Corestate.