PATRIZIA Immobilien AG: LBBW Board of Directors and LBBW Supervisory Board favor sale of LBBW Immobilien GmbH to consortium led by PATRIZIA Immobilien AG
PATRIZIA Immobilien AG (ISIN DE000PAT1AG3) has been informed by LBBW that the Board of Directors and the Supervisory Board of LBBW have decided to award the contract for the sale of LBBW Immobilien GmbH and its subsidiaries to a consortium of investors led by PATRIZIA Alternative Investments GmbH, a wholly-owned subsidiary of PATRIZIA Immobilien AG.
The sale is still subject to the selling LBBW subsidiaries’ formal acceptance of the notarial offer, which was submitted by the investor consortium to LBBW. Furthermore, the completion of the acquisition is subject to approval by Federal Cartel Office.
The investor consortium led by PATRIZIA Alternative Investments GmbH consists of a number of national and international investors with a long-term focus. PATRIZIA Immobilien AG will participate as an equity investor in a likely amount of up to EUR 15 million. After the transaction has been completed, PATRIZIA Immobilien AG and the companies associated with it will render management and property-related services at market conditions to the acquisition companies as well as LBBW Immobilien GmbH and its subsidiaries.
The Managing Board
Augsburg, February 13, 2012