PATRIZIA sells 10 office properties in the German State of Hesse
PATRIZIA Immobilien AG has sold a portfolio consisting of 10 office properties in the German state of Hesse to French property management company Perial.
The properties, all of which have been leased to public-sector institutions of the German State of Hesse on a long term basis, are located in eight cities and were part of a property fund managed by PATRIZIA. “As a European real estate investment company, we continue to identify crossborder investment and disposal opportunities for our clients”, explains Philipp Schaper, Group Head of Transactions at PATRIZIA. The sale’s price is in the three-digit million range. “Following the profitable sale of this portfolio we have now fulfilled the objectives of our original business plan.” explains Sebastian H. Lohmer, the Managing Director, who is responsible for the portfolio management of the real estate fund at PATRIZIA GewerbeInvest.
The 10 properties have a total leasable area of over 85,000 sq m and a total land area of approximately 200,000 sq m. Two properties are located in the state capital Wiesbaden and two other properties are in Bad Hersfeld. The other properties are located in Marburg, Kassel, Michelstadt, Friedberg, Giessen, and Korbach. Approximately 70% of the total leasable area is located in regional centres, the other 30% in district centres.
PATRIZIA Immobilien AG:
PATRIZIA Immobilien AG has been active as an investment manager on the real estate market in 15 European countries for more than 30 years. PATRIZIA’s range includes the acquisition, management, repositioning and sale of residential and commercial real estate over own licensed investment platforms. As one of the leading real estate investment companies in Europe, PATRIZIA operates as a respected business partner of large institutional clients and retail clients in all major European countries. Currently, the Company manages real estate assets worth over EUR 18 billion, primarily as a portfolio manager and co-investor for insurance companies, pension fund institutions, sovereign funds, savings and cooperative banks. For further information, please visit: www.patrizia.ag.