Patrizia acquires European residential portfolio

Patrizia Immobilien has announced the successful takeover of a Scandinavian real estate fund with more than 14,000 apartments for €900 ($1 billion) in an off-market transaction.

The apartment portfolio was previously held by the Swedish fund Hyresbostäder i Sverige III Gul AB. Some 67.4 percent of the fund is owned by Norway’s Boligutleie Holding III AS, and 32.6 percent is owned by Sweden’s Hyresfastigheter Holding III Gul AB. The Scandinavian real estate fund was established in 2005 and was most recently managed by Oslo-based Obligo Investment Management AS.

More than 5,000 apartment units are located in Berlin. The portfolio also covers the metropolitan regions of Munich, Stuttgart, Frankfurt, Cologne, Düsseldorf and Hamburg, as well as almost all regional capitals and metropolitan areas in West Germany. The portfolio also includes a 500 residential units in Umea, Sweden. The residential portfolio is in good technical condition, a