PATRIZIA Immobilien AG: Disposal of the “Harald” portfolio
PATRIZIA Immobilien AG (ISIN DE000PAT1AG3) has today announced the conclusion of an agreement with Deutsche Wohnen AG covering the sale of the “Harald” portfolio consisting of 13,500 residential units in Germany.
Augsburg, 27 November 2015. The completion of the transaction is subject to customary terms and conditions. The residential units of the portfolio are located in Berlin, in the metropolitan regions of Kiel, Cologne/Düsseldorf, Munich, Hamburg and Frankfurt as well as other metropolitan areas in Western Germany. The purchase price amounts to approximately EUR 1.1 billion. The portfolio was purchased by PATRIZIA on 18 May 2015 in an off-market transaction through the acquisition of the Swedish fund Hyresbostäder i Sverige III Gul AB and has now been sold in accordance with the company's investment strategy.
Outlook for 2016
The sale of “Harald” will be recognised in PATRIZIA's income statement in 2016. The profit contribution after sales-related taxes and minority interests to the operating income results to an increase in the forecast already announced for 2016. PATRIZIA's Managing Board now anticipates an operating income of at least EUR 250 million.
The Managing Board
Augsburg, 27 November 2015