M&A Activity • Oct 1, 2015
M&A Activity
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Corporate | 1 October 2015 09:00
PATRIZIA Immobilien AG: PATRIZIA acquires a large residential portfolio in France
DGAP-News: PATRIZIA Immobilien AG / Key word(s): Real Estate/Miscellaneous
2015-10-01 / 09:00
PATRIZIA acquires a large residential portfolio in France
Acquisition of the so-called Bastide-Portfolio
– Almost 1,000 apartments well located in Greater Paris and major regional cities in France
– Buildings of an excellent quality and mostly built after 2007
Augsburg, Paris, 1 October 2015. PATRIZIA Immobilien AG has acquired a residential portfolio with almost 1,000 apartments in France via its subsidiary PATRIZIA France. The portfolio comprises 23 residential buildings and a student hall of residence. It is distributed across six regions, with the majority to be found in the three most attractive regions of France, namely the Greater Paris region (Ile-de-France), Provence and Rhône-Alpes. The seller is CBRE Global Investors. “The Residential business is in the DNA of the PATRIZIA Group and the acquisition of the Bastide portfolio is a perfect example of our development strategy across Europe. Due to its pan-European positioning with local expert teams on the ground, PATRIZIA is able to identify such investment opportunities at an early stage and to use them for its customers,” says Wolfgang Egger, CEO of PATRIZIA Immobilien AG.
The buildings are located in Paris and in French metropolitan regions and have a total of 978 residential units and six retail units with lettable space of more than 60,000 square metres. A total of 424 residential units – roughly half of the apartments – are located in Paris and its commuter belt. According to the French authorities, 23 of the 24 buildings are in tight property markets in terms of demand. All of the buildings were constructed between 1989 and 2015, with 75% of them built after 2007. “This acquisition is an exceptional opportunity for PATRIZIA France to create a residential platform while strengthening our team with new experts widely recognised in the market”, reports Silvio Estienne, Managing Director at PATRIZIA France. “This enhanced platform is a major development of PATRIZIA in France”, Bruno Cohen, also Managing Director at PATRIZIA France.
PATRIZIA has been monitoring the French real estate market very closely via its subsidiary PATRIZIA France for a long time already in order to identify attractive investment opportunities here for its customers. In doing so, PATRIZIA France focusses equally on residential and commercial real estate in France and Belgium. In Silvio Estienne and Bruno Cohen as the managing directors of the subsidiary PATRIZIA France, which is located in Paris, PATRIZIA has two proven experts in the French real estate market with decades of experience.
PATRIZIA Immobilien AG:
With more than 800 employees in more than ten countries, PATRIZIA Immobilien AG has been active on the real-estate market as both an investor and service provider for more than 30 years. PATRIZIA’s range includes the purchase, management, value increase and sale of residential and commercial real estate. As a recognised business partner of both large institutional investors and private investors, the Company operates in Germany and other countries and covers the entire value chain in the real estate industry. At present, 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 and savings banks. Further information can be found at www.patrizia.ag .
Contact:
Press
Andreas Menke
T +49 821 50910-655
Investor Relations
Margit Miller
T +49 821 50910-369
Verena Schopp de Alvarenga
T +49 821 50910-351
2015-10-01 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.
Media archive at www.dgap-medientreff.de and 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 |
| End of News | DGAP News Service |
| - - - |
| 398845 2015-10-01 |
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