Listed German property firm Patrizia has announced that one of its subsidiaries is acquiring a total of 50,000-m[sup]2[/sup] of residential real estate on behalf of its special funds. The investment volume comes to more than EUR 125 mln.
Listed German property firm Patrizia has announced that one of its subsidiaries is acquiring a total of 50,000-m2 of residential real estate on behalf of its special funds. The investment volume comes to more than EUR 125 mln.
The transaction involves 508 assets. There are existing apartments, residential properties under construction and project developments in Düsseldorf, Munich and Stuttgart.
'We are only acquiring residential real estate for our special funds in locations featuring rising demand for a limited supply of property. The capitals of North Rhine-Westphalia, Baden-Württemberg and Bavaria belong to this category of so-called bottleneck cities,' said Patrizia KAG managing director Michael Vogt.
Research carried out by Patrizia has established that an average of 5,000 apartments would have to be built annually in both Stuttgart and Düsseldorf in order to meet demand. However, only 1,000 apartments are being built annually at present.
