Patrizia Immobilien AG (P1Z) rose to the highest in more than three months in Frankfurt trading after a group led by the company won approval from Landesbank Baden- Wuerttemberg to buy its real-estate unit.
The shares gained as much as 5.1 percent to 4.14 euros, the highest intraday price since Oct. 25. They were up 3.7 percent as of 9:15 a.m. local time.
The acquisition of LBBW Immobilien GmbH, which owns 21,000 apartments, is to be completed this quarter, LBBW and Patrizia said in separate e-mailed statements yesterday. Patrizia is acting as investment and asset manager for a group comprising insurance companies and pension funds, including Sweden’s AP3 pension fund, it said in the statement.
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