Deutsche Annington Immobilien will pay Patrizia Immobilien €1.9bn to acquire Sudewo Group, paying for the deal via a €2.25bn issue of new shares. The purchase price includes €800m of debt.
Deutsche Annington’s chief executive, Rolf Buch, said the deal provided a further opportunity to expand in the rental market – Sudewo has a portfolio of some 19,800 flats, primarily within Baden-Württemberg, in the south of Germany.
The transaction is expected to be completed next month.
