GERMANY – German real estate company Patrizia is to reshuffle its internal structure after expanding operations in several European cities.

The company, which recently opened offices in Stockholm and London, is now creating a holding structure with local subsidiaries.

It said these companies would be "responsible for the local business" according to the principle "all business is local".

The company will create Patrizia UK, Patrizia Luxembourg and Patrizia Nordics to better coordinate its 600 employees in 10 European countries.

In Germany, the six currently operating subsidiaries will be joined to form Patrizia Deutschland, comprising Acquisition & Consulting, Alternative Investments, Immobilienmanagement, Investmentmanagement, Projektentwicklung, Sales and Wohnen.

Founder and chief executive Wolfgang Egger said the company used the restructuring to prepare for the Alternative Investment Fund Managers Directive, set to come into effect this year.