Real estate investment manager Patrizia Immobilien has acquired an 805-unit residential portfolio in Germany for around €90m from Peakside Capital.
Patrizia said the 60,000sqm portfolio, which includes 33 commercial units and around 370 parking spaces, is spread across 19 properties in six locations.
The acquisition was made on behalf of institutional investors for a real estate fund managed by Patrizia.
The German company said majority of the properties are located in Bavaria and Berlin, adding that the remaining are situated in Amberg, Oberursel, Stuttgart, Kitzingen and Deggendorf.
Patrizia’s head of acquisitions residential, Christoph Langmack, said the portfolio, with its stable macro and micro-locations, represents an “economically sound” acquisition for investors.
The bulk of the properties were built in the 1950s and 1960s. A number of the buildings have already been modernised; Patrizia will invest in a renovation and modernisation scheme in order to improve the quality of the remaining apartments.
“Through these measures we aim to continue the seller’s successful modernisation strategy and achieve sustainable value increases for our clients as part of a buy and hold strategy,” Langmack said.
