REAL ESTATE – German life insurance group HDI Gerling has sold more than 2,600 residential units to Patrizia Immobilien for around €300m.
Patrizia said it bought the portfolio – comprising 2,737 residential and commercial units – adds up to around 195,000 m2.
It said: "The residential properties include a variety of complexes in top locations in western German conurbations.
"The majority of these units lend themselves to individual resale. Most are concentrated in Hamburg, Cologne and the Munich area. The sound structural condition of the objects and a very low vacancy rate testify to the attractive, high-quality nature of this portfolio.
It said the move "further enlarges the company's footprint on the German market".
It added: "Having purchased more than 9,500 residential and commercial units in the fourth quarter of 2006 alone, the company is looking to pursue the same growth strategy in the fiscal years ahead."