Patrizia-led group wins €2.5bn GBW German housing bid

08 April 2013, 12:28 PM

A consortium headed by listed German group Patrizia has won the bid for the 32,000-unit apartment portfolio GBW being sold by Bavarian Landesbank BayernLB. The bank said the price was based on a company valuation of €2.453bn, of which it will receive €882m after payment of debt. Patrizia last year won a similar, smaller portfolio from Stuttgart-based landesbank LBBW for €1.44bn.

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