PATRIZIA Immobilien AG has sold Süddeutsche Wohnen Group (SÜDEWO) to Deutsche Annington. The purchase price for SÜDEWO, which comprises a portfolio of 19,800 apartments, is approx. €1.9 bln.
PATRIZIA had acquired SÜDEWO (then LBBW Immobilien GmbH) from LBBW in February 2012. PATRIZIA recently received an unsolicited offer for the acquisition of SÜDEWO. In its role as investment manager, PATRIZIA analysed and subsequently presented this offer to the investor consortium for consideration.
Since the acquisition of SÜDEWO (then LBBW Immobilien GmbH) by the investor consortium headed by PATRIZIA, all tenant protection regulations have been successfully implemented and the agreed social charter has been fully complied with.
A total of €89 mln has also been invested by the consortium in the residential portfolio.