Patrizia, a real estate company focused on the residential market in Germany, has won the right to purchase a portfolio of 6,805 German residential and commercial properties. The acquisition is the largest single transaction in the company's history.
Patrizia, a real estate company focused on the residential market in Germany, has won the right to purchase a portfolio of 6,805 German residential and commercial properties. The acquisition is the largest single transaction in the company's history.
The majority of the units sold by MEAG, which represents several Munich real estate companies, are residential. The properties, comprising a total of nearly 500,000 m2, are located in urban areas in western Germany.
Patrizia, based in the south-central German city of Augsburg, emerged victorious after several rounds of bidding for the portfolio. Both companies agreed not to disclose the financial details of the transaction but German real estate newspaper Immobilien Zeitung said that Patrizia and the Whitehall 2005 fund, managed by Goldman Sachs, paid EUR 1 bn for the portfolio.
