German real estate group Patrizia Immobilien has finalised the sale of 215 residential and five commercial units as two block sales. The sales volume of both block sales comes to a total of EUR 39.1 mln.

The smaller of the two portfolios is situated in a prime residential location in Hamburg and comprises 22 residential and four commercial units. The sales price amounted to 26 times the actual (multiple) net rent.

The second portfolio, consisting of 194 units, is located in a central location in Munich. The purchase prices comes to more than 20 times the actual net rent.

'These sales confirm our sales strategy of optimally placing portfolios of varying sizes on the market in the form of block sales in addition to individual sales of residential units,' said Patrizia CEO Wolfgang Egger.

Patrizia manages residential and commercial real estate assets worth EUR 2.5 bn. The company is listed in the Deutsche Börse Prime Standard and is a member of the SDAX.