14. Februar 2012 
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Patrizia won competitive bidding process for LBBW Immobilien GmbH
The investor consortium led by Patrizia Immobilien AG has won the competitive bidding process for the acquisition of LBBW Immobilien GmbH. Today, LBBW’s Supervisory Board approved the respective decision of LBBW’s Board of Directors. The purchase price amounts to Euro 1.435 billion. Completion of the transaction remains subject to approval by Federal Cartel Office. Closing of the transaction is expected by the end of Q1-2012.
The investor consortium led by Patrizia consists of renowned German and international blue-chip pension funds and insurance companies. “We are acting as Investment- and Asset Manager for these long-term oriented investors. It is our aim to enhance the value of LBBW Immobilien GmbH. We will invest Euro 25 million in repairs and maintenance p.a. in order to maintain the quality of the residential units”, says Wolfgang Egger, Chief Executive Officer of Patrizia Immobilien AG. “Patrizia is not only service provider but also co-investor and has contributed Euro 15 million of equity to the consortium”. A merger of LBBW Immobilien GmbH and Patrizia is not envisaged.
The acquisition of LBBW Immobilien GmbH increases Patrizia’s Assets under Management to almost Euro 7 billion. Egger: “We have been active in the real estate segment for almost 30 years. We manage around 80 percent of our assets on behalf of third parties – the majority of which in our funds business for insurance companies, pension funds and savings banks.” LBBW Immobilien GmbH will remain a stand-alone entity with own employees and will continue its business in line with that of recent years. A reduction or separation of its real estate portfolio is not intended and is not part of the Patrizia-led consortium’s strategy.
“Patrizia is aware of the great responsibility towards LBBW Immobilien GmbH’s employees, its tenants, the seller and its own investors”, says Mr. Egger. “The contractually agreed Social Charter will be complied with and realized in full”. We look forward to a good cooperation and hope for a constructive dialogue with the municipalities of the federal state of Baden-Württemberg, and especially with the City of Stuttgart.”
The investor consortium led by Patrizia consists of renowned German and international blue-chip pension funds and insurance companies. “We are acting as Investment- and Asset Manager for these long-term oriented investors. It is our aim to enhance the value of LBBW Immobilien GmbH. We will invest Euro 25 million in repairs and maintenance p.a. in order to maintain the quality of the residential units”, says Wolfgang Egger, Chief Executive Officer of Patrizia Immobilien AG. “Patrizia is not only service provider but also co-investor and has contributed Euro 15 million of equity to the consortium”. A merger of LBBW Immobilien GmbH and Patrizia is not envisaged.
The acquisition of LBBW Immobilien GmbH increases Patrizia’s Assets under Management to almost Euro 7 billion. Egger: “We have been active in the real estate segment for almost 30 years. We manage around 80 percent of our assets on behalf of third parties – the majority of which in our funds business for insurance companies, pension funds and savings banks.” LBBW Immobilien GmbH will remain a stand-alone entity with own employees and will continue its business in line with that of recent years. A reduction or separation of its real estate portfolio is not intended and is not part of the Patrizia-led consortium’s strategy.
“Patrizia is aware of the great responsibility towards LBBW Immobilien GmbH’s employees, its tenants, the seller and its own investors”, says Mr. Egger. “The contractually agreed Social Charter will be complied with and realized in full”. We look forward to a good cooperation and hope for a constructive dialogue with the municipalities of the federal state of Baden-Württemberg, and especially with the City of Stuttgart.”
