GSW Buys $455M Berlin Apartment Portfolio From Gagfah

Law360, New York (November 8, 2011, 1:31 PM EST) -- GSW Immobilien AG, which invests in German residential properties, has completed a €330 million ($455 million) purchase of a portfolio comprising roughly 4,800 apartments in Berlin from rental giant Gagfah SA, GSW said Tuesday.

The portfolio has a 2.8 percent vacancy rate and the apartments, which are located in neighborhoods including the up-and-coming Kreuzberg and the exurban bedroom community of Charlottenburg, bring in rents that are above the the city's average prices, Berlin-based GSW said.

“The newly acquired portfolio makes an attractive addition to our existing...
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