German listed property company Patrizia Immobilien has purchased a residential and commercial property in Munich for about EUR 50 mln. The facility provides 478 apartments and a commercial unit over a total floor space of 30,572 m2.

The property is in the south of Munich, in the Ramersdorf-Perlach district. The seller is HDI Gerling Lebensversicherung, part of Talanx, Germany's third-largest insurance group. The vendor was represented by Talanx Immobilien Management, Talanx's financial services provider.

'By purchasing this facility, we are focusing once again on Patrizia's portfolio policy of selecting prime locations. In Munich alone we now have more than 4,000 apartments. Eighty percent of our own portfolio of some 10,000 apartments are in one of Germany's top 5 locations,' said Wolfgang Egger, CEO of
Patrizia Immobilien.

Gross investment costs for the property are some EUR 50 mln. About 25% of the purchase price is financed from equity. Egger: 'The financing environment has stabilized now, although residential property in popular locations with a stable tenant structure and sustainable cash flow are very important to financing partners.'