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PATRIZIA buys €400M German office and commercial portfolio

acquireda nine-asset portfolio across six German cities from Allianz Real EstateGermany GmbH for more than €400 million.

The portfoliocontains office and commercial properties located in Hamburg, Munich,Stuttgart, Frankfurt, Hanover and Dusseldorf. The buildings' lettable spaceranges from 2,800 square meters to 38,000 square meters. The properties are letto around 180 tenants.

Theacquisition was made on behalf of PATRIZIA GewerbeInvest Deutschland II. Thefund was launched in the second half of 2015 and is now fully invested with atotal volume of €800 million.