DENVER (AFX) - Real estate investment trust Archstone-Smith Trust said Monday its Archstone Europe Trading BV unit completed its $649 million acquisition of Deutsche WohnAnlage GmbH, a reseller of residential properties.
Last month Archstone said it was using the purchase to expand its German presence.
Archstone also said DeWAG's portfolio has grown from about 200 housing units in December 2001 to more than 6,100 housing units in German metropolitan areas.
'With the acquisition of the DeWAG platform we gain a collection of very attractive apartment assets in great locations throughout Germany, a management team that is very highly regarded and a highly attractive pipeline of new acquisitions,' Chairman and Chief Executive R. Scot Sellers said in a statement.
Archstone said it will retain DeWAG's employees and management, including managing directors Klaus Irtenkauf, Helmut Beyl and Mario Bohlen, who will keep a 6 percent ownership in the company.
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