Immobilien has sold its S眉ddeutsche Wohnen Group to Deutsche Annington for 鈧�1.9bn.
The portfolio of 19,800 apartments had been owned by Patrizia , when it bought S脺DEWO from LBBW on behalf of a group of pension funds and insurers.
The consortium consisted of Swedish buffer fund AP3 (25%), an unnamed Swiss pension fund (5%), three German first-pillar pension funds (25%), five German insurers (40%), a savings bank (3%) and Patrizia itself (2%).
Patrizia said the decision to sell followed an 鈥渦nsolicited offer鈥� for the portfolio, in which it has invested 鈧�89m since purchase.
Wolfgang Egger, chief executive at Patrizia, said recent transactions allowed the company to increase liquidity in a way that 鈥渃reates value without having to ask shareholders for fresh funds鈥�.
The company said it had also increased its earnings forecast.
Operating profit, previously expected to grow by around 10% from 鈧�50.2m, could now reach 鈧�200m this year and next, it said.
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