Patrizia, the German real estate company, announced a consortium it had headed won the bidding for the purchase of rival GBW. GBW is owned by lender Bayern LB who is backed by the regional state.
A person familiar with the transaction, who spoke on condition of anonymity, told Reuters that the deal places the value of GBW at Eur 2.45 billion including all its debt.
Patrizia confirmed its role as a co-investor in the consortium that purchased the company. It would be investing the amount of Eur 58 million.
The rival consortium was led by Bavarian cities of Munich and Nuremberg while another bidder for GBW was Austrian property giant Comwert.
The stake consists of 92% shareholdings in GBW's residential real estate unit. The sale was required by the European Union in exchange for state aid during the 2008 credit crunch.
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