Foncière Développement Logements (FDL) has announced the sale of 1,163 housing units in Germant to an unnamed German institutional investor. The sales price comes to a total of EUR 78 mln, in line with the asset's appraised value.

The transaction in the German towns of Düsseldorf, Langenfeld and Hilden comes hard on the heels of FDL's acquisition of 1,643 housing units in Berlin and reflects the company's strategy to increase its geographical diversification.

In a statement, FDL said the first three quarters of 2011 have been particularly dynamic, with sales and commitments in France and Germany totalling almost EUR 350 mln, compared with EUR 314 mln for the full year of 2010.

FDL is a real estate investment trust focused on residential assets. The company is led by Thierry Beaudemoulin.