Listed German property investor Patrizia Immobilien has acquired a 48,000 m2 mixed-use complex in the western city of Mainz for a new private fund.
The five-storey building was acquired from UBS Real Estate. The parties have agreed to keep the sale price confidential.
Built in 1997, the complex is located in the centre of Mainz and provides offices, medical practices and day clinics, retail and restaurants, as well as theatre and leisure facilities.
The principal tenants include the State of Rhineland-Palatia, Deutsche Bahn, the Federal Office for Goods Transport, the Allianz Insurance Company, Kimberly Clark, the Cologne Business School, the restaurant chain Vapiano and the retail chain Rewe. The property includes more than 800 underground parking spaces.
The new Patrizia fund for which the property was bought aims to raise around €64 mln of equity from private investors, for which annual pay-outs are projected to average 5% before taxes. The fund is scheduled to be issued in the first half of 2017 and will run for an initial 10 years.
