The Company selectively identifies a limited number of condominium projects, with the intention of augmenting returns from its core rental business and reinvesting in the Portfolio.
While the value of apartment blocks in Berlin and other major cities in Germany has seen increases in recent years, prices of apartment blocks lag the prices of those blocks split up and sold as single apartments.
The sub-division and sale of a modest number of apartment blocks as condominiums has the potential to enhance returns when compared to a pure rental model, and allow further reinvestment into the Portfolio of rental properties in order to improve the overall standard of accommodation to our customers.
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