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.

Patrizia will participate in the deal as an equity investor for an amount of up to 15 million euros, and after the transaction has been completed, Patrizia and parties related to it will provide management and property-related services to the acquiring companies as well as LBBW Immobilien GmbH, Patrizia said in a separate statement.

“We will invest 25 million euros per year in service and maintenance to secure the quality of the apartments,” said Wolfgang Egger, Patrizia’s chief executive officer.

LBBW is selling its real estate unit after a 5 billion-euro bailout by the company’s owners, which include the state of Baden-Wuerttemberg and regional savings banks, during the financial crisis. The sale of the unit must be completed by the end of 2012 for LBBW to comply with European Union conditions.

The transaction is subject to the selling LBBW subsidiaries’ formal acceptance of the offer and the completion of the acquisition is subject to approval by the Federal Cartel Office, Patrizia said.

Stefan Nicola in Berlin at +49-30-70010-6246 or snicola2@bloomberg.net

To contact the editor responsible for this story: Reed Landberg at landberg@bloomberg.net

http://www.bloomberg.com/news/2012-02-13/patrizia-to-buy-lbbw-s-real-estate-unit-for-eu1-4b.html

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