NIENBURG, GREMANY—Residential property company Gagfah has divested a portfolio of 134 apartments and eight commercial units in Nienburg, Lower Saxony.
The buyer is city’s housing company GBN, according to a report on PropertyEU.com.
The sale of the apartments, which are in need of renovation, is in line with Gagfah’s plan to sell around 11% of its portfolio as part of a refocussing on its top locations.
“Gagfah has identified 11% of the portfolio as regional non-core, meaning that those assets are in remote locations and will be disposed of in the next few years,” the company recently said in a statement.
The firm’s portfolio includes about 144,000 own residential units and more than 35,000 units under property and facility management for third parties.
Financial details of the deal were not disclosed.
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