EUROPE – German property firm Patrizia has completed its acquisition of Tamar Capital in a move it believes will enable it to secure private-equity co-investors for acquisitions in the UK and Ireland.
The acquisition, which will boost the firm's domestic retail and industrial portfolio, gives it a presence in the UK, Ireland and France.
Announcing the deal back in December, chief executive Wolfgang Egger identified the acquisition as part of its "systematic approach to European expansion".
Patrizia's annual forecast, to be published next month, will outline details of its plans to expand within the European market and develop its investment platform.
In a statement, Egger said it would give the firm access to increased dialogue with London-based investors and financial institutions.
The firm sidestepped questions about specific likely co-investment partners, but a spokesman said it would target markets in which it could acquire attractive assets at cyclical lows with the opportunity to add value through asset management.
As part of the deal, Patrizia will take over management of the Tamar European Industrial Fund, which in recent months has divested 15 mainly Nordic assets acquired in 2011. The fund manager – who will join Patrizia with the rest of his team – plans to dispose of four remaining Swedish and Finnish assets that combined make up 9% of the portfolio.
Earlier this year, Patrizia restructured its operations to comply with the AIFMD, including a split between its investment and operational businesses.
It will segment the investment unit to differentiate between its own investments, co-investments and those with external third parties.
