Listed German property investor Patrizia Immobilien has completed the acquisition of the 鈧�800 mln Hesse portfolio from Austrian group CA Immobilien Anlagen.
Listed German property investor Patrizia Immobilien has completed the acquisition of the 鈧�800 mln Hesse portfolio from Austrian group CA Immobilien Anlagen.
CA Immo acquired the package, comprising 36 properties at 19 locations, in 2006 from the German state of Hesse in a sale-and-leaseback deal worth 鈧�770 mln. The acquisition marked the entry of the Austrian group into the German property market.
The assets, offering a total of 450,000 m2, are currently valued at around 鈧�800 mln and are fully let on 20-year rental agreements.
Patrizia is undertaking the acquisition on behalf of a German-speaking consortium of investors via a special real estate fund.
In a statement, CA Immo said the sale is in line with the company's strategy to streamline the portfolio with a view to raising the profitability of the group. For the next six months, the company is in charge of the portfolio麓s property management together with Deutsche Realit盲ten.
CA Immo has been active in Germany since 2006. Five years ago the company took over Vivico Real Estate, a German company specialising in urban development. The CA Immo Group currently has a development pipeline valued at 鈧�660 mln in the country.
BNP Paribas Real Estate and Noerr acted as advisors to the seller.
