Patrizia Immobilien has purchased a portfolio of nine office and commercial properties from Allianz Real Estate Germany for more than €400 mln.
The acquisition was made on behalf of the ‘Patrizia GewerbeInvest Deutschland II’ fund, which was issued during the second half of 2015 and is now fully invested at a volume of over €800 mln.
‘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,’ said Philipp Schaper, group head of transactions at Patrizia.
The buildings are located in Hamburg, Munich, Stuttgart, Frankfurt, Hanover and Dusseldorf, and range in size from 2,800 to 38,000 m² of lettable space. According to Patrizia, all the properties are in good condition, with modern and flexible floorplans. Older buildings in the portfolio have all been recently refurbished. The largest of the schemes is the Sprinkenhof building in Hamburg’s Kontor district, a UNESCO World Heritage site.
With around 180 tenants in total, key names include HSBC Trinkaus & Burkhardt, the Bundesanstalt für Immobilienaufgaben as well as the Allianz Group. The properties are around 94% let with an average of more than three and a half years remaining on all the leases. The portfolio includes 600 parking spaces, while most of the offices also possess excellent public transport connections.
Patrizia was advised by CBRE in the transaction.
