Patrizia Immobilien has announced the completion of a 'multi hundred million euro' acquisition of residential units located in western Germany on behalf of an insurance company.
The 223,000 m2 portfolio of assets is currently 97% let and comprises 3,488 residential units across 49 properties, located in North Rhine-Westphalia, Lower Saxony and Bavaria with almost 300 units in Cologne, more than 500 in Hanover and around 100 in Munich. Further units are located in Hamburg, Hesse, Baden-Württemberg and Berlin.
The transaction was carried out for a major German insurance company, Patrizia said.
'There continues to be high demand for good quality rental accommodation in Germany, as proven by the high occupancy rate across this geographically diverse portfolio,' commented Philipp Schaper, group head of transactions at Patrizia. 'We remain interested in identifying the most compelling investment opportunities across Europe, and this most recent acquisition is a strong endorsement of our ability to identify, acquire and manage such assets.'
The portfolio was originally owned by several private Dutch investment funds.
'We acquired these assets having identified the strong fundamentals that underlie the portfolio through the low void rate and strong locations, and it is in line with our buy-and-hold strategy,' said Peret Bergmann, managing director of Patrizia WohnInvest. 'Further to this we are also planning to privatise individual properties in order to deliver meaningful income to our investors.'
