Clifford Chance advised PATRIZIA Immobilien AG on the sale of a real estate portfolio consisting of ten office buildings located in eight cities in the federal state of Hesse.

The fully-let properties were sold to French Perial Group for a nine-figure Euro sum. The real properties formed part of a real estate fund managed by PATRIZIA and cover lettable space of more than 85,000 sqm and land of a total of approx. 200,000 sqm. Two properties are located in the state's capital Wiesbaden and another two are located in Bad Hersfeld. The other locations include Marburg, Kassel, Michelstadt, Friedberg, Gießen and Korbach. Approx. 70 per cent of the total rental space are located in so-called regional metropolises and another 30 per cent in mid-level centres. All of them are home to institutions of the public administration in Hesse and subject to a long-term rent lease contract with the state.

PATRIZIA Immobilien AG is one of the leading real estate investment companies in Europe. The company currently manages real estate assets in the total volume of approx. 18 billion Euros, predominantly as co-investor and portfolio manager for insurance companies, pension schemes, state-owned funds, savings banks and cooperative banks.

The Clifford Chance team was led by partner Dr. Fabian Böhm and included associate Manuel Lomb, transaction lawyer Marisol Peláez Romero (all Real Estate) as well as partner Thorsten Sauerhering and associate Markus Kallenbach (both Tax) – all Frankfurt.