GTC Group has acquired a significant real estate portfolio in Germany from the Peach Property Group. The transaction includes the acquisition of 5,165 residential units, commercial and other properties with a lettable area of 324,167 square meters in Kaiserslautern, Helmstedt and Heidenheim. The transaction is valued at around EUR 448 million and significantly expands GTC’s presence in Germany.
Upon completion of the transaction, 19% of GTC’s total gross assets and 30% of its leased space will be located in Germany. Going forward, the Group plans to modernize the properties and sell a portion of the residential units.
As part of the transaction, GTC acquired 89.9% of the shares in Peach Property Group. In addition, there is an option to acquire a further 10.1% stake.