13 January 2010
The Swiss Corestate Group has sold a real estate portfolio to WGF Westfälische Grundbesitz und Finanzverwaltung AG. The majority of the 1.879 apartments and 95 commercial units is located in North Rhine-Westphalia. The total area of the portfolio is 139.000 square metres of which 98 percent are let. It is the eighth largest transaction on the German residential property market in 2009. The sale and purchase agreement with a volume of approximately 100 million EUR has just been signed. Mayer Brown advised Corestate on the transaction.
Corestate Capital AG is a private equity investor with registered offices in Zug in Switzerland and London. The company was founded in early 2006 and since then has invested more than 1.5 billion EUR in the German market. WGF AG is a real estate investment company and trading house with domicile in Düsseldorf.
The Mayer Brown team included Partner Dr. Jürgen Streng and Andrea Stratmann (both Real Estate, Cologne).
For further information, contact:
Director Marketing & Business Development
T: +49 69 7941 1045
M: +49 160 9019 2756
Dr. Jürgen Streng
T: +49 221 5771 241