German residential specialist Patrizia Immobilien has acquired a total of 567 apartments with a total surface area of 55,000 m2 for EUR 126 mln so far this year for the real estate special funds and third-party mandates it manages. The properties are located in Berlin/Potsdam, Bremen, Hannover and Hamburg.

The company's asset management arm Patrizia WohnInvest Kapitalanlagegesellschaft is currently responsible for five funds with a target total investment volume of EUR 1.6 bn. The purchases will increase the volume already invested to approximately EUR 800 mln and take the number of residential units managed to over 4,000.

'Over the coming weeks and months, we will consistently utilize the buying opportunities that arise in Germany and abroad,' commented CEO Wolfgang Egger. 'In our target markets, we expect further price increases for residential real estate in good condition. The current market situation, the financing environment, the low levels of volatility for residential real estate in metropolitan areas and inflation expectations are all factors in favor of investing in residential real estate.'

Egger said that the residential properties acquired are all located in districts that enjoy above-average spending power and positive population development. 'The real estate consists largely of project development which will be completed over the next two years.The good locations and quality of the new buildings ensure a high level of rentability and guarantee a sustained and stable cash flow for the investor.'

The company also offers commercial special funds through its Hamburg-based subsidiary Patrizia GewerbeInvest. The fund manager currently manages 13 funds with gross fund assets of EUR 2.3 bn and a total floor space of around 1.2 million m2.

Patrizia Immobilien is listed in the Deutsche Börse Prime Standard and a member of the SDAX. Its business activities include the purchase, value optimization and placement of residential and commercial real estate. Altogether the company currently manages real estate assets worth EUR 5 bn.