GERMANY - German real estate company Patrizia Immobilien is renaming the two parts of its business and appointing a new member to the board.
Following the purchase of LB Immo Invest last year, the company, which had previously focused primarily on residential property, is now also strong in commercial real estate.
It currently manages €5bn in real estate - approximately €2bn in residential and €3bn in commercial property. To unify its market presence, the company has decided to rename the two parts of the business.
The former Patrizia Immobilien Kapitalanlagegesellschaft, based in Augsburg, is now Patrizia WohnInvest Kapitalanlagegesellschaft, while the former LB Immo Invest, based in Hamburg, has become Patrizia GewerbeInvest Kapitalanlagegesellschaft.
For the latter, Sabine Künzinger will be taking over as managing director from Torsten Wesch, who is leaving at the end of October.
Künzinger has been heading the central accounting department at the Patrizia Immobilien. She will be heading the Patrizia GewerbeInvest Kapitalanlagegesellschaft alongside Martin Lemke.
Patrizia also recently unveiled plans to widen its product range to distressed property.