Patrizia Immobilien AG sold 1,150 apartments totaling approximately 75,400 sqm to Gagfah. While the price of the transaction was not disclosed, Patrizia reported that proceeds from the sale are already included in its €50m operating profit forecast for the year. The apartments are situated Hamburg, Cologne and Frankfurt. “This transaction marks a further step towards Patrizia achieving its goal of becoming a fully integrated real estate investment company. The funds freed up by the transaction will now be available for strategic development sooner than anticipated,” said Wolfgang Egger, CEO of Patrizia Immobilien AG.
