Patrizia acquires German office portfolio for €400m
PatriziaImmobilien AG acquired a portfolio of nine office and commercial properties in the top locations in the economically strongest metropolitan areas of Germany for €400 million ($440 million). The seller is Allianz Real Estate Germany GmbH.
The acquisition was made on behalf of PATRIZIA GewerbeInvest Deutschland II, which was re-launched during second half 2015. The fund is now fully invested. Over the course of the acquisition, the fund increased its volume from €600 million ($660 million) to €800 million ($880 million).
The nine properties are located in Dusseldorf, Frankfurt, Hamburg, Hanover, Munich and Stuttgart. The largest property in the portfolio is Sprinkenhof, located in the Kontor part of Hamburg, which is part of a UNESCO world cultural heritage site.The 180 tenants include HSBC Trinkaus & Burkhardt, the Bima federal real estate agency and Allianz Group.
Patrizia also purchased a warehouse store portfolio on behalf