Listed property company Patrizia has acquired residential and commercial properties in Germany for EUR 200 mln on behalf of its Patroffice co-investment joint venture with the Dutch pension fund ABP and the real estate unit of Denmark's ATP pension company.
Listed property company Patrizia has acquired residential and commercial properties in Germany for EUR 200 mln on behalf of its Patroffice co-investment joint venture with the Dutch pension fund ABP and the real estate unit of Denmark's ATP pension company.
In the first of two transactions, Patroffice purchased a 110,000 m2 portfolio of 32 commercial properties in 25 German cities from a special real estate fund for institutional investors run by RREEF Spezial Invest.
The second purchase was of four commercial properties in Munich, Frankfurt and Wetzlar, as well as around 11,000 m2 of residential space in Kaiserslautern.
Patroffice has a total investment volume of EUR 700 mln that will be invested predominantly in German commercial real estate. Patrizia has primary responsibility for the purchase of commercial real estate for Patroffice and is in charge of asset management.
