Patrizia buys residential units for EUR 300 mln

Patrizia has acquired a portfolio of 2,667 residential and 70 commercial units from HDI Gerling Lebensversicherung for about EUR 300 mln. The total net floor space in the portfolio adds up to around 195,000 m². The residential properties include a variety of complexes in top locations in western German conurbations.

Patrizia, a German real estate company focused on the residential market, said the majority of these units lend themselves to individual resale. Most are concentrated in Hamburg, Cologne and the Munich area. The company said it remains focused on the socially compatible resale of housing - preferably to existing tenants.

The company said it is looking to pursue the same growth strategy in the fiscal years ahead, having purchased more than 9,500 residential and commercial units in the fourth quarter of 2006 alone. At the end of November, Patrizia made the largest single transaction in its history with the purchase a portfolio of 6,805 German residential and commercial properties for EUR 1 bn.