Germany’s third-largest publicly traded residential property-owner has agreed to purchase Baubecon’s 23,500 apartments using an undisclosed amount of cash and debt, according to Bloomberg.
The deal will help the Deutsche Wohnen to expand the number of units under its ownership by approximately 50% and improve funds from operations, said the firm.
Barclays, the UK second- largest bank by assets has recently disposed its remaining stake in BlackRock, raising net proceeds of $5.5bn, in order to meet stricter capital rules and focus on more profitable operations.
GSW Immobilien also bidded Baubecon in a joint venture with Whitehall Street Real Estate fund, but the deal was won by Deutsche Wohnen.
The terms and conditions have not been revealed by the firms, but the deal is expected to complete by the next few months.
