Sale of a Total of 220 Units with a Total Transaction Volume of EUR 39.1 million
PATRIZIA Immobilien AG has notarized the sale of 220 units as two block sales. The sales volume of both block sales amounts to a total of around EUR 39.1 million.
The transactions contributed to sales revenue and are recognized as income in the fiscal year 2009 just ended. These sales confirm PATRIZIA’s sales strategy of also optimally placing portfolios of various sizes on the market in the form of block sales in addition to individual sales of residential units.
The smaller of the two portfolios is situated in a prime residential location in Hamburg and comprises 22 residential and four commercial units. The sale generated a factor of around 26 from the actual net rent (multiple) for PATRIZIA. The second portfolio, consisting of 194 units, is situated in a central location in Munich. Here too, a multiple of over 20 was achieved. Confidentiality has been agreed with regard to disclosure of the buyers as they are companies managed by the owner.
In view of the performance of the business in the fourth quarter of 2009 in the area of both individual and block sales as well as in the Services segment we confirm our forecast of achieving a positive operating result for 2009. We also expect a continuation of the positive business performance of our Investments and Services segments in 2010.
Augsburg (Germany) – January 7, 2010
PATRIZIA Immobilien AG
Listing: Frankfurt Official Market (Prime Standard)
Phone: +49 (0) 821 / 5 09 10-3 60
Fax: +49 (0) 821 / 5 09 10-3 99
Phone: +49 (0) 821 / 5 09 10-6 55
Fax: +49 (0) 821 / 5 09 10-6 95