February 13, 2019 / 3:45 PM / 3 months ago

CORRECTED-Union Investment to buy 16,000 German apartments from Chinese investor - sources

(Corrects to show that BGP is owned by a Chinese investor)

By Arno Schuetze

FRANKFURT, Feb 12 (Reuters) - German fund manager Union Investment is nearing a deal to buy about 16,000 German flats from BGP, owned by a Chinese investor, in a roughly 2 billion euro ($2.26 billion) deal, people close to the matter told Reuters.

Union Investment is planning to merge the targeted real estate firm BGP Group with its own property platform and eventually transfer the properties to its investment funds, the sources added.

"We welcome the exclusive negotiations," said Worna Zohari, Chief Executive Officer of BGP Group. ($1 = 0.8839 euros)

Reporting by Arno Schuetze, Editing by Tassilo Hummel and David Evans

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