GAGFAH grows further and acquires 2,400 apartments
4/27/2007
- Purchases in Berlin, Thuringia and Saxony
- Stock increases to over 168,000 apartments
- GAGFAH intends to purchase more
The GAGFAH GROUP has acquired another 2,400 apartments and thereby expanded its stock to over 168,000 apartments. The apartments are located in Berlin, Thuringia and Saxony and have an overall living area of approximately 152,000 square meters. The total purchase price amounts to €127 million.
Burkhard Ulrich Drescher, Chief Executive Officer of the GAGFAH GROUP, emphasizes: "We are aiming for further growth. The central element of our growth strategy is the acquisition of housing portfolios in attractive locations. Since our stock market flotation on October 19, 2006, we have acquired over 17,000 apartments for more than € 1 billion. This result is excellent and shows that we are resolutely proceeding with our growth policy.
Since we are present all over the Federal Republic, offer long-term management and have a good reputation as a competent and reliable landlord, we are the first choice for public and private owners who wish to part with their housing stock. This purchase has strengthened our presence in Berlin and made it the second largest individual location after Dresden thus revealing the significance of the new Federal States in the course of implementing our growth strategy".
About GAGFAH S.A. and the GAGFAH GROUP
GAGFAH S.A. is a stock corporation with headquarters in Luxembourg. GAGFAH's core business segments are the ownership, management and purchasing of a geographically diversified and high qualitative housing portfolio throughout Germany. The most important subsidiaries of GAGFAH S.A. are GAGFAH GmbH, NILEG and WOBA DRESDEN. With a nationwide portfolio of over 168,000 rental apartments, GAGFAH is the largest housing company listed in Germany. GAGFAH achieves 95 percent of its revenues from leasing attractive residential space and lays claim to continuous improvement in its services. GAGFAH assumes corporate responsibility through special rules and regulations for lessee protection and through its corporate sponsorship of "Mensch und Wohnen", to name a few avenues.