Patrizia sells German portfolio
Patrizia has sold a portfolio of 13,500 flats in Germany to Deutsche Wohnen for €1.1bn (£800m).
The sale comes only six months after Patrizia bought the assets for around €900m as part of a wider deal including the takeover of Swedish fund Hyresbostäder i Sverige III Gul AB.
Management cuts at AIG
US insurance giant AIG has made its real estate group’s chief executive and three other senior managers redundant.
Real estate chief executive Robert Gifford leads a wave of senior management job cuts across the business.
NYC office buy for RXR
RXR Realty has agreed to buy a 39-storey office tower at 1285 Sixth Avenue, New York, from AXA Financial and JPMorgan Chase for $1.7bn (£1.1bn).
It is one of the largest deals to date for a single New York City building.
The 1.6m sq ft tower is fully let to tenants including UBS.
Record price for Mumbai flat
Indian developer Lodha has achieved a record £1,591 per sq ft sale price for a flat in its Altamount development in Mumbai.
It beats the previous £1,402 per sq ft Indian record set in October.
The 10,000 sq ft duplex on the 34th and 35th floors sold for a total of £15.9m.
McKinsey takes Ping An stake
McKinsey & Co has acquired a stake in Ping An Insurance’s property e-commerce unit, Ping An Property (Shanghai) E-Commerce, as part of the process towards an initial public listing for the unit.
Dexus in for £1.2bn office fund
Dexus Property Group has offered to buy the Invista Office Fund in a A$2.5bn (£1.2bn) deal which would cement its position as Australia’s largest listed office landlord.
It has offered 82c plus 0.424 Dexus shares for each share in the REIT, reflecting an offer of A$4.11 per share – a 5.07% premium to the company’s closing price.
