Patrizia Immobilien : acquires EUR 34m high-quality residential portfolio in...

• 145 apartments spread across six, well-located properties
• All apartments are in excellent condition due to regular investment
• Portfolio offers more than 9,000 sq m of living space and over 2,000 sq m of commercial space

PATRIZIA Immobilien AG announces that it has acquired a residential portfolio comprising 145 apartments across six properties in Hannover for EUR 34 million from a private seller. The properties are fully let and situated in the highly sought-after city of Hannover, the capital of Lower Saxony and a market characterised by a robust economy and positive population growth.

Christoph Langmack, Head of Acquisitions Residential at PATRIZIA, commented: 'The positive underlying fundamentals of the residential market in Hannover make this high-quality portfolio an attractive investment. Despite new stock coming onto the market, supply continues to fall behind the high demand for residential properties in this market.'

Regular investment has ensured that the apartments, which were built in the 1950s and 1960s, are in an extremely good technical condition. Three of the six properties are located close to Maschsee, the largest lake in Hannover. In total, the portfolio has a leasable area of more than 11,300 sq m comprising approximately 9,000 sq m of living space and over 2,000 sq m of commercial space.

The residential market in Europe continues to be highly attractive for institutional investors. Through its local experts, PATRIZIA has been able to secure a number of significant transactions in recent months, including the acquisition of an attractive residential scheme in Copenhagen as well as a portfolio of 300 apartments spread across the German cities of Mainz and Leipzig.

PATRIZIA Immobilien AG:

PATRIZIA Immobilien AG has been active as an investment manager in the real estate market across Europe for more than 30 years. PATRIZIA's activities include the acquisition, management, repositioning and sale of residential and commercial real estate through its own licensed investment platforms. As a global partner for pan-European real estate investment, PATRIZIA operates as a respected business partner of large institutional investors and retail investors in all major European countries. PATRIZIA manages almost EUR 40 billion of real estate assets, primarily as an investment manager for insurance companies, pension fund institutions, sovereign funds, savings and cooperative banks and as co-investor. For further information, please visit: www.patrizia.ag.