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FRANKFURT-DePfa, the German mortgage bank, has put 22 properties up for sale through Jones Lang LaSalle. The disposals are part of the preparations for a planned demerger which will see DePfa split into two separate listed banks in 2002.

The portfolio comprises 22 properties across Germany–19 offices, two residential and a hotel– totalling 3 million sf with an annual rent roll of €38 million ($34.5 million). The brokers are looking for bids for the portfolio as a whole or for any of five sub-portfolios each, with different investment characteristics.

The 19 office properties are all located in major cities and provide a range of investment returns. The hotel, located in the Rhein-Main area, is one of Germany’s most historic and has recently been restored and modernised. The residential portfolio comprises two extensive residential complexes in Freiburg and Munich, offering a total of 785 residential units.

David Seddon, of Jones Lang LaSalle’s European Capital Markets team, said: ‘Portfolios of this size and quality very seldom become available in Germany, and in this instance are being offered in a formal tender process. We expect to generate serious interest from both German and international investors.’

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