PATRIZIA acquires 1,000 Units for its WohnModul I
PATRIZIA Immobilien AG has acquired 986 apartments and three commercial units with total floor space of 70,000 sqm for PATRIZIA WohnModul I. The purchase was made in the context of a co-investment, “WohnModul I”, in which a German pension fund is participating alongside PATRIZIA. The investment volume totals EUR 140 million.
The properties, acquired in two transactions, are in the Bogenhausen district of Munich and Germering. They were predominantly built at the end of the 1960s/beginning of the 1970s, are in very good condition and boast a vacancy rate of less than one percent, attributable only to tenant turnover. The residential facility in Germering was sold by WWK Grundbesitz AG. The residential facility Bogenhausen was purchased from a foundation. The target is to sell this residential portfolio in individual transactions to tenants, owner-occupiers and private investors in the years to come. “With WohnModul I, we have broadened the investment horizon for institutional investors in two respects. The first is that project developments and asset repositioning portfolios can also be bought. The second is that apartments can be sold during the investment phase, either by means of block or individual sales,” says Wolfgang Egger, CEO of PATRIZIA Immobilien AG.
In total, PATRIZIA has already invested over EUR 300 million in the co-investment that was first launched in September 2011. Egger explains: “Patrizia is increasingly developing into a real estate investment house. The objective is a sustained increase in assets under management. We will achieve this by developing new products and services for our investors, not only in residential, but also commercial real estate. In terms of organization and personnel, PATRIZIA is now structured in such a way as to enable us to take on the management of new real estate assets worth around EUR 1 billion every year.”
