PATRIZIA to buy German office portfolio for €800 mln (DE)

PATRIZIA Immobilien AG has concluded a binding agreement to acquire a portfolio of 36 office properties with an area of approx. 450,000 m² available to rent. The seller is a subsidiary of CA Immobilien Anlagen AG. The office properties are all located in the German federal state of Hesse and are on a very long-term lease to the State of Hesse.

The market value of the properties amounts to approx. €800 million. An agreement has been reached about the purchase agreement. The closing of the transaction should be concluded in 2013.

The transaction is to be undertaken for a German-speaking consortium of investors via a special real estate fund.

Source: PATRIZIA Immobilien AG

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