Patrizia Immobilien has sold a German residential portfolio to Deutsche Wohnen for 鈧�1.1bn.
Patrizia bought the portfolio of 13,500 flats when it took over Swedish fund Hyresbost盲der i Sverige III Gul.
The portfolio includes units in Berlin, Munich, Stuttgart, Frankfurt, Cologne, D眉sseldorf and Hamburg.
Wolfgang Egger, chief executive at Patrizia Immobilien, said: 鈥淭he sale marks the next systematic step in the investment strategy announced when we made the acquisition, namely to move forward quickly with placement of the residential portfolio.鈥�
Patrizia said the assets were in a good state of technical repair, with a low vacancy rate.
鈥淲e conducted a detailed portfolio analysis and ascertained that the portfolio was particularly well-suited to property managers not regulated by investment law.
鈥淒eutsche Wohnen has an emphasis in the Berlin area, and this was also a factor that influenced our decision. The company will be a reliable partner for tenants of the properties.鈥�
Patrizia treated the portfolio as a bridge investment to make available to clients and third parties.
In , it sold a portfolio of Swedish apartments from the Hyresbost盲der i Sverige III fund.
Lerstenen Invest, a local investor from Sweden, bought 603 apartments in the Swedish university city of Umea for an undisclosed price.
