PATRIZIA Immobilien AG acquired a portfolio of nine office and commercial properties in the top locations in the economically strongest metropolitan areas of Germany. The purchase price amounts to over €400m. The seller is Allianz Real Estate Germany GmbH. “The portfolio’s quality is outstanding, because it contains properties in the most attractive office markets with a well balanced tenant mix and a high letting rate. It provides our clients with the unique opportunity to participate in the economic development of the best German office locations,” said Philipp Schaper, Group Head of Transactions at PATRIZIA.
The acquisition is made on behalf of “PATRIZIA GewerbeInvest Deutschland II”, which was just issued during the second half of 2015. The fund is now fully invested. Over the course of the acquisition, the fund increased its volume from €600m to now €800m.
The nine properties are located in Hamburg, Munich, Stuttgart, Frankfurt, Hanover and Dusseldorf, and offer lettable space ranging from 2,800m² to 38,000m². All buildings are very well maintained and in technically good condition with modern and flexible floorplans. The older buildings were fully refurbished in the past few years. The largest property in the portfolio is the well-known “Sprinkenhof” in the “Kontor” part of Hamburg, which is part of UNESCO world cultural heritage.
Some of the well-known tenants in the properties are HSBC Trinkaus & Burkhardt, the Bundesanstalt für Immobilienaufgaben as well as the Allianz Group. Overall, the properties are leased by around 180 tenants. The average remaining leasing period is over three and a half years, and the letting rate is around 94%. Almost all of the properties are situated in office locations with excellent local amenities and outstanding connections to public transport. The respective office markets have been attractive for years, which is evident considering the constant high or even growing demand and the shortening of the supply. The portfolio includes around 600 parking spaces.
PATRIZIA was advised by CBRE in the portfolio transaction.
