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PATRIZIA AG
M&A Activity • Oct 17, 2016
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M&A Activity
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Corporate | 17 October 2016 09:30
PATRIZIA Immobilien AG: DIM group acquires PATRIZIA Property Management
DGAP-News: PATRIZIA Immobilien AG / Key word(s): Real Estate/Disposal
2016-10-17 / 09:30
The issuer is solely responsible for the content of this announcement.
DIM group acquires PATRIZIA Property Management
– Transfer of employees, responsibilities and mandates contractually agreed for 2 January 2017
– Integration of residential and commercial property administration to be carefully coordinated with an emphasis on appropriate mutual agreement
– Important step towards planned expansion in Germany
Berlin/Augsburg, 17 October 2016. DIM Deutsche Immobilien Management (DIM Property Value GmbH) is acquiring the German property management function of PATRIZIA, effective 2 January 2017. “The property management activities of PATRIZIA span all areas of real estate administration throughout the whole of Germany and will be taken over by DIM in the New Year. The contract for the deal has now been signed,” states Wolfgang Loeper, Chairman of the Executive Board of DIM Holding AG. “We’re really looking forward to working with our new colleagues. This acquisition is an important step in our expansion plans in Germany following a restructuring at the beginning of 2014.”
The integration of the property management activities will be coordinated carefully between the two parties with an emphasis on reaching mutually agreeable decisions. DIM is to take over property management activities at sites in Augsburg, Berlin, Cologne, Dresden, Frankfurt, Hamburg, Munich and Stuttgart, with an agreement to also take on existing administration contracts for residential and commercial properties.
“Only recently, DIM was named the best property management company for residential properties for the third time in succession,” states Loeper. “Our aspiration will remain to be the property manager with the most loyal customers.”
Wolfgang Egger, CEO of PATRIZIA Immobilien AG, states: “PATRIZIA is one of the leading real estate investment companies in Europe. As we have previously stated, we’ll be placing an even stronger focus on investment management in the future as part of our strategic development plan. We were looking for a property management service provider with the skills to keep managing the property assets entrusted to us with high levels of professionalism and commitment. In DIM we now have a strategic partner on board and we look forward to the successful collaboration.”
About the DIM Group
The DIM Group is a service provider in the fields of property management, portfolio optimisation, fund management and property lets. As a property management specialist, its core competences lie in housing, residential property management and commercial premises. The companies belonging to the DIM Group employee around 190 people in the management and administration of over 40,000 residential and commercial units as well as 90 closed-end real estate funds. The fund management activities of the company are operated through a joint venture with the auditing and tax consulting specialist Roever Broenner Susat Mazars, which also has offices throughout Germany.
About PATRIZIA Property Management
PATRIZIA Property Management manages around 16,000 commercial and residential properties in over 200 towns and cities in Germany, offering a total floor area of 3.7 million sq m (40 million sq ft). Approximately three quarters of these managed premises are used for commercial purposes and a quarter of the properties are in the residential asset class. PATRIZIA Property Management currently employs roughly 120 people.
About PATRIZIA Immobilien AG
PATRIZIA Immobilien AG has been active as an investment manager on the real estate market in 15 European countries for more than 30 years. PATRIZIA’s range includes the acquisition, management, value increase and sale of residential and commercial real estate over own licensed investment platforms. As one of the leading real estate investment companies in Europe, PATRIZIA operates as a respected business partner of large institutional clients and retail clients in all major European countries. Currently, the Company manages real estate assets worth around EUR 17 billion, primarily as a co-investor and portfolio manager for insurance companies, pension fund institutions, sovereign funds, savings and cooperative banks. For further information, please visit: www.patrizia.ag
PATRIZIA Immobilien AG
The Managing Board
PATRIZIA Immobilien AG
PATRIZIA Bürohaus
Fuggerstrasse 26
86150 Augsburg
Listing: Frankfurt Official Market (Prime Standard)
ISIN: DE000PAT1AG3
SIN: PAT1AG
Contact:
Investor Relations
| Michael Tegeder |
| T +49 821 50910-401 |
| [email protected] Verena Schopp de Alvarenga T +49 821 50910-351 [email protected] |
2016-10-17 Dissemination of a Corporate News, transmitted by DGAP – a service of EQS Group AG.
The issuer is solely responsible for the content of this announcement.
The DGAP Distribution Services include Regulatory Announcements, Financial/Corporate News and Press Releases.
Archive at www.dgap.de
| Language: | English |
| Company: | PATRIZIA Immobilien AG |
| Fuggerstraße 26 | |
| 86150 Augsburg | |
| Germany | |
| Phone: | +49 (0)821 – 509 10-000 |
| Fax: | +49 (0)821 – 509 10-999 |
| E-mail: | [email protected] |
| Internet: | www.patrizia.ag |
| ISIN: | DE000PAT1AG3 |
| WKN: | PAT1AG |
| Indices: | SDAX |
| Listed: | Regulated Market in Frankfurt (Prime Standard); Regulated Unofficial Market in Berlin, Dusseldorf, Hamburg, Hanover, Munich, Stuttgart, Tradegate Exchange |
| End of News | DGAP News Service |