Patrizia Immobilien has bought the Copenhagen-based real estate fund-of-funds manager Sparinvest Property Investors (SPI) in a bid to broaden its product offering.

The German company said the acquisition of SPI – which operates in the small- and mid-cap segments of the property fund market – would also allow it to increase its international coverage.

It did not disclose the price of the deal.

Wolfgang Egger, Patrizia’s chief executive, said: “This acquisition is a further demonstration of our ambition to expand through inorganic growth.”

SPI was a perfect fit for his company, Egger added, having a strong track record and complementary global setup. The deal would allow Patrizia’s customers to tap into a new product line and new markets, he said.

The Danish firm will become a fully-owned subsidiary of the Patrizia group but retain full autonomy on investment decisions.

SPI’s fund-of-funds products will be added to Patrizia’s product line. They are invested across Europe, Asia and the Americas.

Egger said that in addition to the SPI deal, the German company was working on a number of initiatives that would create more opportunities for its clients.

Separately, Patrizia announced it had won a €200m pan-European, value-add mandate from an existing client, a large pension fund based in northern Germany.

Without naming the client, the real estate manager said the pension fund wanted to grow its property investment exposure, and had picked Patrizia to invest in office, hotel and residential real estate investments in top European cities and other urban locations.