Patrizia Immobilien to surpass €30bn with Triuva acquisition

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Patrizia Immobilien has bought TRIUVA, increasing assets under management at the real estate investment manager by nearly 50%.

The merger of the two German-headquartered companies will create a €30bn-plus European property fund manager.

Triuva, the €9.8bn institutional fund management business of IVG Immobilien, which itself entered insolvency in 2014, was put up for sale earlier this year. 

Wolfgang Egger, CEO of €21bn Patrizia, said: “This acquisition is a perfect fit for our growth strategy. It will strengthen our European network, expand our market presence and broaden the range of products and services for our clients.

“We will also consolidate our position as the leading independent real estate investment manager in Europe.”

Patrizia said the acquisition would make it one of the 10 largest European real estate fund managers.

Frankfurt-based Triuva manages around 40 funds and has partnered with more than 80 institutional investors. It has invested in office, retail and logistics, and infrastructure across 15 European locations. Its 200 employees are led by CEO Wenzel Hoberg, former managing director of Canada Pension Plan Investment Board.

Patrizia said the deal will broaden its product range.

“This acquisition increases the stability of Patrizia’s business model through greater diversification and by ensuring an even greater share of our revenue comes from recurring asset management fees,” Egger said.

Both parties agreed to not disclose the purchase price.

Patrizia today upgraded its 2017 guidance, reporting a 6.1% increase to operating income to €46.6m during the first nine months of the year.

The German company now expects the full year’s operating income to be slightly above €75m, up from its previous forecast of range €60m to €75m.

IVG, which started a structured sales process in May, said more than 60 domestic and international companies expressed interest. 

IVG said the sale was “another milestone in the realignment of the group’s business activities”.

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