A consortium headed by Patrizia Immobilien is buying listed German housing company GBW for €2.4 bn.
A consortium headed by Patrizia Immobilien is buying listed German housing company GBW for €2.4 bn.
The Patrizia-led group announced on Monday that it emerged as the successful bidder for the 91.9% stake (50.2 million shares) in GBW held by Bavarian banking group BayernLB.
The gross purchase price of the offer corresponds to an enterprise value of €17.58 per GBW share held by BayernLB. Excluding debt, BayernLB will receive €882 mln.
The transaction is subject to anti-trust approval and is expected to close after GBW’s annual general meeting, scheduled for 15 May.
The investor consortium led by German listed real estate group Patrizia consists of 27 institutional investors located in German-speaking countries, including 14 pension funds of professional associations, 8 insurance companies, 3 savings banks and 2 pension funds.
At-end December 2012, GBW group owned 32,000 residential and 300 commercial units located in Bavaria. In 2012, the portfolio generated a rental income of €149.5 mln.
The purchase price for the entire equity stake will be financed entirely from equity.
This is the second €1 bn-plus German residential property portfolio transaction Patrizia has masterminded in just over a year. In February 2012, a Patrizia consortium acquired the LBBW portfolio for €1.4 bn.
