Patrizia Immobilien has sold a German residential portfolio to Deutsche Wohnen for €1.1bn.
Patrizia bought the portfolio of 13,500 flats in May when it took over Swedish fund Hyresbostäder i Sverige III Gul.
The portfolio includes units in Berlin, Munich, Stuttgart, Frankfurt, Cologne, Düsseldorf and Hamburg.
Wolfgang Egger, chief executive at Patrizia Immobilien, said: “The sale marks the next systematic step in the investment strategy announced when we made the acquisition, namely to move forward quickly with placement of the residential portfolio.”
Patrizia said the assets were in a good state of technical repair, with a low vacancy rate.
“We conducted a detailed portfolio analysis and ascertained that the portfolio was particularly well-suited to property managers not regulated by investment law.
“Deutsche Wohnen has an emphasis in the Berlin area, and this was also a factor that influenced our decision. The company will be a reliable partner for tenants of the properties.”
Patrizia treated the portfolio as a bridge investment to make available to clients and third parties.
In June, it sold a portfolio of Swedish apartments from the Hyresbostäder i Sverige III fund.
Lerstenen Invest, a local investor from Sweden, bought 603 apartments in the Swedish university city of Umea for an undisclosed price.