The European Commission said on Friday that its inquiry into the proposed acquisition of 149 properties and four real estate companies by Citibank International and Corpus Immobiliengruppe will be completed on 29 October. The two companies are cooperating in the purchase through their investment vehicle CPI Capital Partners Europe. The transaction is being reviewed by the European Commission under the procedure for cases which the commission believes do not pose competition concerns.
The European Commission said on Friday that its inquiry into the proposed acquisition of 149 properties and four real estate companies by Citibank International and Corpus Immobiliengruppe will be completed on 29 October. The two companies are cooperating in the purchase through their investment vehicle CPI Capital Partners Europe. The transaction is being reviewed by the European Commission under the procedure for cases which the commission believes do not pose competition concerns.
The four property firms being bought are ZBI 1 Invest, ZBI Wohnen, DIB Vermoegensverwaltungs and GbR Erfurt. Four further business properties are also being acquired by the two investors through the vehicle CitCor Commercial Properties, which is jointly controlled by CPI Europe Fund and Corpus.
Corpus Sireo and Citigroup bought about 7,000 residential and retail units through a 10/90 joint venture in August. The properties, bought from ZBI Zentral Boden Immobilien (ZBI), include about 6,600 residential units and 400 commercial assets across Germany. At the end of 2006, Citigroup Property Investors announced it had raised EUR 1.2 bn for its first fund dedicated to European real estate, CPI Capital Partners Europe. The fund was set up to purchase western European real estate, with a particular focus on Germany.
