New residential pipeline adds further string to Patrizia’s bow

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There seems no end to the new schemes and projects being announced almost weekly by Augsburg-based Patrizia Immobilien, whose transformation from regional Bavarian housebuilder to European powerhouse we feel sure we’ve documented in these pages over the last three years.

Patrizia announced plans to start work on a new residential development in the Mitte district of Berlin next year, lifting its pipeline of apartments under construction or at the planning stage in Germany to over 3,000. The investment volume for the new scheme and other construction projects is €1.4 billion. Besides Berlin, other new apartments are being built in Munich, Hamburg, Düsseldorf, Frankfurt am Main and Cologne. 

'The planned apartments are being built solely in metropolitan areas, meaning that we are making an important contribution to combating the housing shortage,' commented Jürgen Kolper, head of real estate development at the German listed property company. 

In Berlin, Patrizia intends to develop more than 100 apartments on a 3,500 sqm plot that the company has acquired near Spittelmarkt in the Mitte district of the German capital. The scheme involves a complex of buildings with a gross floor space of 10,000 sqm. The investment volume is around €40m. Patrizia acquired the land plot from BIMA, the German federal real estate office