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Patrizia May Bid for BayernLB Property Unit If Made Available

Patrizia Immobilien AG (P1Z), which led Germany’s biggest real-estate acquisition this year, may bid for Bayerische Landesbank’s property unit if it’s offered to private investors.

Patrizia is interested in GBW Gruppe, which owns about 32,000 apartments, spokesman Andreas Menke said by telephone today. So far, BayernLB has only considered offers from Bavarian municipalities.

“A consortium of insurers and pension funds would be the ideal owner for that kind of apartment portfolio,” Menke said in an e-mail. Patrizia buys property after pooling funds from groups of investors.

In February, BayernLB agreed to hold exclusive talks with the municipalities on the sale of GBW Gruppe. The European Union’s antitrust authority is expected to force the banks to seek bids from private investors as well, according to people familiar with the process.

Patrizia in February led a group that paid 1.4 billion euros ($1.8 billion) for Landesbank Baden-Wuerttemberg’s real estate unit. The purchase of LBBW Immobilien GmbH’s 21,000 apartments was Germany’s biggest property deal since 2008.

Patrizia was little changed at 4.51 euros at 10:56 a.m. The stock has climbed 32 percent this year, while the SDAX index for small companies has gained 7 percent.

Reuters reported earlier that Patrizia may bid for the asset.

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