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Patrizia buys prime German office portfolio for €400m

The German real estate investment manager bought the nine assets, which total 1.1m square feet, from German financial services firm Allianz. The portfolio has 180 tenants with a letting rate of 94 percent. 

Patrizia Immobilien, the Augsburg-based real estate investment management firm, has acquired a portfolio of nine office and commercial properties in prime German cities for €400 million.

The seller was Allianz Real Estate, the property arm of the Munich-based financial services company.

The portfolio, which offers 1.1 million square feet of lettable space as well as 600 parking spaces, was bought on behalf of the investment manager’s €600 million Patrizia GewerbeInvest Deutschland II fund which launched a year ago.

The nine properties are located in Hamburg, Stuttgart, Munich, Frankfurt, Hanover and Dusseldorf, the largest building is Hamburg’s Sprinkenhof (pictured). The present letting rate is approximately 94 percent from 180 tenants, the most notable being HSBC and Allianz.

“The portfolio’s quality is outstanding, because it contains properties in the most attractive office markets with a well-balanced tenant mix and a high letting rate,” said Philipp Schaper, group head of transactions at Patrizia. “It provides our clients with the unique opportunity to participate in the economic development of the best German office locations,” he added.

Patrizia’s predecessor fund, GewerbeInvest Deutschland I, was launched in 2012. The vehicle garnered €350 million and was fully invested within three years.

In April, Patrizia invested €320 million in a portfolio of German shopping centers and retail parks on behalf of a separate account from a German occupational pension scheme. The 25-asset portfolio totaled almost 2 million square feet. The seller was London-based Savills Investment Management.

Patrizia was advised by property services firm CBRE.