November 27, 2015 / 8:52 PM / 3 years ago

UPDATE 1-Deutsche Wohnen buys real estate portfolio for $1.2 bln

* Patrizia sells portfolio to Deutsche Wohnen for 1.1 bln eur

* “Harald” portfolio has about 13,500 residential units

* Vonovia plans to buy Deutsche Wohnen in 14 bln eur deal (Recasts, adds Deutsche Wohnen CEO, background)

FRANKFURT, Nov 27 (Reuters) - Deutsche Wohnen has agreed to buy a property portfolio worth about 1.1 billion euros ($1.2 billion), potentially upsetting a takeover bid for the German property firm by peer Vonovia.

Deutsche Wohnen has acquired the “Harald” portfolio, consisting of 13,500 residential units, from peer Patrizia Immobilien, Patrizia said in a statement on Friday.

“With this acquisition, we are demonstrating once again that we are able to realise existing potentials efficiently and thus generate value for our shareholders,” Deutsche Wohnen Chief Executive Michael Zahn said in a separate statement.

Reuters reported the impending portfolio acquisition earlier this week, citing sources familiar with the transaction.

Deutsche Wohnen is currently the subject of a 14 billion euro takeover offer from Vonovia, including debt, which Deutsche Wohnen has rejected as undervaluing the company.

A spokeswoman for Vonovia said on Friday it had taken note of the announcement, adding the group will hold its extraordinary general meeting on Monday as planned, where it will seek shareholder approval for the Deutsche Wohnen takeover. ($1 = 0.9441 euros)

Reporting by Christoph Steitz, Jonathan Gould and Kathrin Jones; Editing by Susan Thomas

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