Allianz Real Estate has sold a €400m German portfolio to Patrizia Immobilien.

The portfolio of nine assets includes properties in Hamburg, Munich, Stuttgart, Frankfurt, Hanover and Dusseldorf.

The largest asset in the portfolio is the Sprinkenhof in Hamburg’s Kontor district.

Patrizia bought the portfolio for its fully invested €800m GewerbeInvest Deutschland II vehicle.

Philipp Schaper, group head of transactions at Patrizia, said: “The portfolio’s quality is outstanding because it contains properties in the most attractive office markets, with a well-balanced tenant mix and a high letting rate. 

“It provides our clients with the unique opportunity to participate in the economic development of the best German office locations.” 

Tenants include HSBC Trinkaus & Burkhardt, the Bundesanstalt für Immobilienaufgaben and the Allianz Group.

The average remaining leasing period is more than three and a half years, with occupancy at around 94%.