We use cookies to adapt this website to your needs as well as to improve our services. The further use of the website is understood as consent to our regulations on cookies.

DGAP-Ad-hoc: PATRIZIA Immobilien AG acquires premium portfolio: more than 6,000 residential units around Germany

After several rounds of bidding, PATRIZIA Immobilien AG (ISIN DE000PAT1AG3) has been given the go-ahead to purchase a premium portfolio comprising a total of 6,805 residential and commercial units (the majority are residential).

The portfolio is being sold by MEAG MUNICH ERGO Asset Management GmbH, which represents a number of Munich Re Group companies. The parties to the transaction agreed not to disclose the purchase price.

The individual objects add up to nearly 500,000 m² of net residential and commercial space and are all situated at premium locations in western German conurbations. Property experts rate this as one of the most attractive residential portfolios currently on the German market. Its excellent quality is demonstrated both by the sound structural condition of the objects and by their low vacancy rate.

PATRIZIA's ability to handle every aspect of the real estate value chain clinched the deal and gave the company access to this very high-quality portfolio. In recent years, the company has repeatedly proven its expertise in the socially compatible resale of residential property after acquiring sizeable portfolios.

Proceeds from the company's IPO in March 2006 will be used to fund this, the largest single transaction in PATRIZIA's history to date. The sheer volume of the transaction underscores the further growth of the company.

The Managing Board
Augsburg, November 29, 2006

PATRIZIA Immobilien AG
Fuggerstrasse 26
86150 Augsburg 

Listing:  Frankfurt Official Market (Prime Standard)

Investor Relations    
Claudia Kellert

Phone:+49 (0) 821 5 09 10-360 
Fax:+49 (0) 821 5 09 10-399


Andreas Menke

Phone:+49 (0) 821 5 09 10-655
Telefax:+49 (0) 821 5 09 10-695


Financial News transmitted by DGAP

Issuer:PATRIZIA Immobilien AG
 Fuggerstraße 26
 86150 Augsburg
Phone:+49 (0)821 - 509 10-000
Fax:+49 (0)821 - 509 10-999
Listed:Regulierter Markt in Frankfurt (Prime Standard); Freiverkehr in Berlin, München, Hamburg, Düsseldorf, Stuttgart

Ende of News - DGAP News-Service

Share this article: