Patrizia Makes Year’s Biggest German Office Property Deal

Patrizia Immobilien AG agreed to buy 36 German office properties valued at about 800 million euros ($1.1 billion) in what would be the country’s biggest commercial real estate transaction this year.

Patrizia is buying the buildings from Austria’s CA Immobilien Anlagen AG, according to a statement today. The company, based in Augsburg, is making the purchase through a fund that has institutional clients including German savings banks, pension funds and insurers.