GAGFAH considers a housing sale in Frankfurt-Sachsenhausen
3/16/2007
- special rates for lessees
- substantial interest in residential units on Städelstrasse
- secure old-age provisioning in times of uncertain pensions
The GAGFAH GROUP once again plans to offer tenanted residential units in Frankfurt-Sachsenhausen for sale to existing tenants. "Our offer to lessees on Städelstrasse met with a very strong response", states Marc Schwarz, manager of the Frankfurt regional office. "We sold 23 of 24 units there. We are now evaluating another 48 units in adjacent buildings as well as units on Dürerstrasse for suitability for privatization".
These units have up to four rooms and an area of between 28 and 98 sq. m. Recently, specialist teams within the company have been appraising units and houses. Following the survey of inventory, data is being analyzed in order to come up with individual purchase offers. Fittings and renovations previously undertaken and financed by the lessee are naturally not being considered in the assessment. Sales are expected to commence in a few weeks after qualification of the properties. The purchaser will not incur any brokerage commission.
Housing units are subject to the rules and regulations of the GAGFAH Social Charter, and are being offered to lessees for purchase at a special price. "Lessees thus have an opportunity to make secure provisions for retirement in times of uncertain pensions", emphasizes Marc Schwarz. "The fact that there will no longer be the burden of paying rent, among other things, bodes well for home ownership. Optionally, the lessee can avail of a bank loan for investment in his property.
Schwarz: "In the absence of a purchase, the tenant continues to be our tenant and enjoys extensive protection both under the law as well as under our Social Charter." The GAGFAH Social Charter lays down regulations protecting against the termination of tenancy, which far exceed statutory provisions, and stipulates the terms and conditions under which a unit may be sold. Nationwide, it is considered a landmark roadmap for a socially acceptable approach to lessor-lessee interactions.
About GAGFAH S.A. and the GAGFAH GROUP
GAGFAH S.A. is a stock corporation (société anonyme) domiciled in Luxembourg. GAGFAH's key business areas are the ownership, management, and acquisition of a geographically diversified, high-quality residential property portfolio throughout Germany. The most significant subsidiaries of GAGFAH S.A. are GAGFAH GmbH, NILEG, and WOBA DRESDEN. With a portfolio of over 168,000 rental apartments located throughout Germany, GAGFAH is Germany's largest listed residential property company. GAGFAH generates 95% of its income from the rental of attractive residential accommodation and strives to continually improve its services. GAGFAH lives up to its social responsibility, for example through special tenant protection rights and its "Mensch und Wohnen" foundation.