Patrizia Immobilien has sold 274 apartments and 275 underground parking spaces by means of a block sale for EUR 42.1 mln. The properties, situated in the immediate outskirts of Munich, were sold to an institutional investor who wishes to remain anonymous.
Patrizia Immobilien has sold 274 apartments and 275 underground parking spaces by means of a block sale for EUR 42.1 mln. The properties, situated in the immediate outskirts of Munich, were sold to an institutional investor who wishes to remain anonymous.
'Residential real estate - in the right locations - is in demand among institutional investors. It holds its value, is calculable, does not pose any cluster risks and does not correlate with other asset classes,' says Wolfgang Egger, CEO of Patrizia Immobilien. 'Over the past few years institutional investors have cleared their direct portfolios. Now they are gradually rebuilding their core residential portfolios. In view of its size, quality and structure the German residential rental market is one of the top addresses on a European comparison.'
The sold residential properties date from the 1980s and are in good structural condition, he added. 'The good rentability of the apartments guarantees a sustained stable cash flow. This is of decisive importance above all for pension funds and insurance companies. It is no accident that according to current surveys institutional investors intend to increase their real estate assets by EUR 20 - 25 bn in the next two years.'
Patrizia Immobilien is a listed company with more than 25 years of experience in the real estate market. Its business activities include the purchase, value optimization and placement of residential and commercial real estate. Patrizia currently manages real estate assets worth EUR 3 bn.
