Immobilien has bought two German commercial properties from for an undisclosed sum.
Patrizia - which manages 鈧�14.5bn of office assets and a 鈧�1.8bn logistics portfolio - has acquired the Portal 10 office building in M眉nster and a logistics facility in Krefeld in two separate deals. Patrizia currently manages around 鈧�40bn of real estate assets.
The seven-storey, multi-tenant Portal 10 office property with 6,562sqm of space is fully let. The 59,000sqm logistics facility is leased on a long-term tenancy to Siemens.
Patrizia said the logistics asset was bought for the Logistik-Invest Europa I fund (PLIE I), which is now fully invested.
Its successor, PLIE II, which plans to raise 鈧�350m has so far raised 鈧�150m. PLIE II made its first acquisition in September with a further 鈧�130m worth of assets in the pipeline, the manager said.
Philipp Schaper, Patrizia鈥檚 head of European transactions, said: 鈥淭he low risk inherent with the strong, established tenants in each of these assets plus the attractive remaining lease terms means both deals represent solid investments for our clients 鈥� and both once again delivered by our expert teams on the ground.鈥�
