Patrizia buys German portfolio
Patrizia Immobilien has bought nine commercial properties in major German cities from Allianz Real Estate for €400m (£335m) on behalf of the Patrizia GewerbeInvest Deutschland II fund. Patrizia was advised by CBRE; JLL acted for the seller.
DiamondRock buys NY hotel
DiamondRock Hospitality has sold the Hilton Garden Inn in New York for $65m (£49.5m) to a Chinese investor. The 169-bedroom, 23-storey tower at 119-121 West 28th Street, which will be renovated, was bought by DiamondRock in 2010 for $68.4m. JLL advised.
Cape Town seeks partners
The city of Cape Town is seeking private sector partners to fund affordable housing close to the city’s CBD. The city has set aside R230m (£12m) for the project.
Starwood sells in Sweden
US private equity group Starwood and partner and minority investor Vencom have sold a €330m (£276m) six-asset retail portfolio in Sweden to Trophi Fastighets, managed by Redito and owned by the Swedish pension fund AP3. Cushman & Wakefield, Mannheimer Swartling and PwC advised.
Poste Vita funds UBS vehicle
Italian insurer Poste Vita has invested €300m (£251m) in the first pan-European real estate fund by UBS Asset Management (Italia). The investment is structured as an Italian real estate alternative investment fund called the UBS-Diamond Eurozone Offices fund and will focus on modern offices ranging in price from €50m to €100m in major European cities.
