PTA-News: PATRIZIA Immobilien AG: PATRIZIA takes over real estate fund with more than 14,000 apartments

Monday, 18. May 2015 16:38

Business news for the stock market

Augsburg (pta021/18.05.2015/16:38) - Key points:
- More than 13,500 apartments in Germany, over 500 in Sweden
- Investment volume around EUR 900 million.
- Fund owners accept takeover bid with clear majority

Augsburg/Oslo/Stockholm, 18. May 2015. PATRIZIA Immobilien has successfully taken over a Scandinavian real estate fund with more than 14,000 apartments. A takeover bid was accepted with a large majority by the fund owners numbering around 8,400 from Norway and Sweden. "This off-market transaction demonstrates that, with its pan-European positioning, PATRIZIA is capable of seeking out attractive real estate investments not only through established channels," commented Wolfgang Egger, CEO of PATRIZIA Immobilien AG.

The apartment portfolio was previously held by the Swedish fund Hyresbostäder i Sverige III Gul AB. 67.4% of the fund is owned by the Norwegian Boligutleie Holding III AS, and 32.6% is owned by the Swedish Hyresfastigheter Holding III Gul AB. The Scandinavian real estate fund was established in 2005 and was most recently managed by the Obligo Investment Management AS company, based in Oslo.

PATRIZIA submitted a takeover bid on 15. April 2015 to the approximately 8,400 fund owners from Norway and Sweden. By 13 May 2015, at least 83.1% of the Norwegian and at least 52.5% of the Swedish fund owners had accepted the offer. "There was great willingness among the fund owners to part with their units. We submitted a extremely fair offer for these," reported Egger. On the basis of 100% of equity, the gross asset value is approximately EUR 900 million. After the complete takeover of the fund and its winding up, PATRIZIA plans to make the residential portfolio available to its customers and third parties as a potential investment.

Alongside Berlin, where more than 5,000 apartments are located alone, the portfolio covers the metropolitan regions of Munich, Stuttgart, Frankfurt am Main, Cologne, Dusseldorf and Hamburg, as well as almost all regional capitals and metropolitan areas in West Germany. The portfolio also includes a good 500 residential units in Umea (Sweden). The residential portfolio is in good technical condition. Vacancy is less than 4%.

"We were only able to conclude this transaction successfully because, firstly, we have continuously improved our financial standing in recent years and now have a well above-average equity base," said Egger. "Secondly, PATRIZIA has highly qualified in-house teams who have a great deal of experience with complex transactions, financing and real estate valuations."

The Managing Board
Augsburg, 18 May 2015


emitter: PATRIZIA Immobilien AG
address: Fuggerstraße 26, 86150 Augsburg
country: Germany
contact person: PATRIZIA Investor Relations
phone: +49 821 50910-369

ISIN(s): DE000PAT1AG3 (share)
stock exchanges: regulated market in Frankfurt; free market in Stuttgart, free market in Munich, free market in Hamburg, free market in Dusseldorf, free market in Hannover; open market in Berlin

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Related Links: PATRIZIA AG