Patrizia Immobilien has announced its first major acquisition in France with the purchase of a residential portfolio of almost 1,000 apartments from CBRE Global Investors.
Patrizia Immobilien has announced its first major acquisition in France with the purchase of a residential portfolio of almost 1,000 apartments from CBRE Global Investors.
The 60,000 m2 portfolio comprises 23 residential buildings and a student hall of residence. It is distributed across six regions, with the majority to be found in the three most attractive regions of France, namely the Greater Paris region (Ile-de-France), Provence and Rhône-Alpes.
A total of 424 residential units – roughly half of the apartments – are located in Paris and its commuter belt. All of the buildings were constructed between 1989 and 2015, with 75% of them built after 2007.
'The Residential business is in the DNA of the Patrizia Group and the acquisition of the Bastide portfolio is a perfect example of our development strategy across Europe. Due to its pan-European positioning with local expert teams on the ground, Patrizia is able to identify such investment opportunities at an early stage and to use them for its customers,' said CEO Wolfgang Egger.
Duisburg-based Patrizia set up a French team in 2014 with the hiring of Bruno Cohen and Silvio Estienne, both former heads at ING REIM. It recently expanded the team with the hire of Alexis Bui as director Investments France and Belgium.
