Patrizia Immobilien has taken over a Scandinavian real estate fund with €900m of residential assets in Germany and Sweden.

The investment manager’s bid for the Hyresbostäder i Sverige III fund was accepted by investors yesterday.

The off-market deal adds 14,000 apartments to Patrizia’s portfolio, the majority being in Germany.

More than 5,000 units are in Berlin, with the remainder in Munich, Stuttgart, Frankfurt, Cologne, Düsseldorf and Hamburg.

Wolfgang Egger, chief executive at Patrizia Immobilien, said there was “great willingness” among the fund’s owners to part with units.

Patrizia said 67.4% of the fund was owned by the Norwegian Boligutleie Holding III, with the remainder owned by Hyresfastigheter Holding III.

The fund, established in 2005, was most recently managed by Oslo-based Obligo Investment Management.

Patrizia plans to make the residential portfolio available to its customers and third parties as a potential investment.

The portfolio, which also includes 500 Swedish residential units in Umea, is less than 4% vacant.