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
Listing: Frankfurt Official Market (Prime Standard)
|Phone:||+49 (0) 821 5 09 10-360|
|Fax:||+49 (0) 821 5 09 10-399|
|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|
|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