German property company Patrizia has acquired 300 apartments in Hamburg for a total investment volume of almost EUR 60 mln on behalf of its specialised funds.
German property company Patrizia has acquired 300 apartments in Hamburg for a total investment volume of almost EUR 60 mln on behalf of its specialised funds.
Patrizia said the apartments, which were completed 12 to 24 months ago, are in an outstanding condition and are located in a popular residential district of a metropolitan area in Germany. The identity of the seller was not disclosed.
A caption on a photograph next to Patrizia's press release stated that the company had acquired some 300 apartments in Hamburg.
'The acquired property is fully rented, which will guarantee a sustainable and stable cash flow for the investor,' said Michael Vogt, Patrizia's managing director. Vogt added: 'The high building quality and the KfW-60 standard will guarantee value retention of our investment for the future.'
One part of the portfolio has been purchased for the German Residential Fund I. The second part of the portfolio will be allocated to the Euro City Residential Fund I for which about 1,000 apartments in the Greater Stockholm area were acquired end of last year. Each fund has a target investment volume of EUR 400 million of which around EUR 125 million has already been invested per fund.
