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Germany's PATRIZIA Immobilien AG said Dec. 9 that it agreed to acquire Hamburg, Germany-based real estate investment company LB Immo Invest GmbH from HSH Real Estate AG, a subsidiary of HSH Nordbank AG.
The companies agreed not to disclose the purchase price.
"We are significantly expanding our service business with this acquisition and have increased our assets under management to over [euro]5 billion," PATRIZIA CEO Wolfgang Egger said in a news release.