The Württembergische Lebensversicherung AG / Württembergische Versicherung AG insurance group based in Stuttgart have sold 33 of their properties, which are located throughout Germany. The purchaser is BGP Investment S.à.r.l., a consortium of Babcock & Brown and the GPT Group, the oldest and second largest Australian property fund. The sales price is coming to just under a three-digit figure in the millions.
The properties are mainly office and retail buildings in inner-city locations in Munich, Frankfurt, Wiesbaden, Ravensburg and Bonn and also Leipzig und Dresden, among others. The portfolio contains total letable space of over 80,000 square metres. With the sale of the portfolio the Württembergische is consistently continuing to concentrate on strategically relevant property investments, while BGP Investment is using the purchase of the Württembergische portfolio to expand its activities in directly held property investments in Germany. Colliers PropertyPartners were instructed as sole agents with the setting-up and sale of the portfolio.