Deals
Patrizia-Led Group to Buy LBBW Property Unit: Frankfurt Mover
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A group led by Patrizia Immobilien AG agreed to buy Landesbank Baden-Wuerttemberg’s real estate unit for 1.44 billion euros ($1.89 billion) in Germany’s biggest property deal since 2008. Patrizia shares climbed 1.8 percent.
The acquisition of LBBW Immobilien GmbH, which owns 21,000 apartments in Germany, will be completed by the end of March, LBBW and Patrizia said in separate statements yesterday. Patrizia is acting as investment and asset manager for a group of insurance companies and pension funds including Sweden’s AP3 fund. Patrizia rose 7 cents to 4.01 euros a share at the close of Frankfurt trading today, the highest since Oct. 28.