Akelius makes EUR 685 million divestment in Germany

Akelius Residential has agreed to sell 2,839 flats in Germany to Deutsche Wohnen for EUR 685 million. The bigger part of the portfolio sold is located in Cologne and Dusseldorf while the rest is in Frankfurt, Wiesbaden and Mainz. Upon closure of the deal, Akelius will not own any flats in the above mentioned cities.

In a press release, Akelius CEO Pål Ahlsén comments the divestment and says that the proceeds from the sale will be used to reduce the company’s debt.

“It is one step further in the operation increased rating from BBB to BBB+.”

Furthermore, he tells Fastighetsnytt that the price was 20 per cent higher than the valuation of the assets sold at the end of 2018.

He adds that the pricing in German market currently is very high.

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