AUGSBURG, GERMANY-Patrizia Immobilien AG has agreed to buy 36 German office properties valued at about $1.1 billion, or $800 million euros in what would be the country's biggest commercial real estate transaction this year.
Patrizia plans to buy the buildings from Austria's CA Immobilien Anlagen AG (CAI), according to a statement released earlier this week, and a subsequent report from Bloomberg.
The company is making the purchase through a fund backed by institutional clients including German savings banks, pension funds and insurers. Demand for German real estate is intensifying as investors seek profitable havens from the European debt crisis.
Investors are expected to spend about 27 billion euros on German strores and offices this year, the most since 2007, when 54 billion euros of properties changed hands, according to data compiled by Jones Lang LaSalle.
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David Phillips
David Phillips is a Chicago-based freelance writer and consultant with more than 20 years experience in business and community news. He also has extensive reporting experience in the food manufacturing industry for national trade publications.
