Patrizia Immobilien has expanded its Asian network with the acquisition of Japan-based Kenzo Capital Corporation.

The €40bn real estate manager said it has agreed to buy the Tokyo-based real estate advisory and asset management firm for an undisclosed sum.

The agreement also includes the acquisition of the fund management and placement activities of Kenzo Japan Real Estate.

Patrizia said the move is to help grow its international network and offer European investment opportunities to an increasing number of global clients.

Founded in 2008, Kenzo serves European clients interested in investing in Japanese residential real estate through a fund which was launched in 2017 in cooperation with Patrizia.

Patrrizia, which has raised around €3bn in equity over the past few years from Asian investors, said the acquisition of the Kenzo business will further support this demand.

Currently, Patrizia has 24 offices globally, including client relationship hubs in Japan, Hong Kong, South Korea, Australia, and the US, as well as across Europe.

Wolfgang Egger, the CEO of Patrizia, said: “The acquisition of Kenzo is a continuation of the cooperation we have with them and is an opportunity for us to further grow our global network.”

Egger said the acquisition secures a platform that will allow Patrizia to continue its drive to help deploy Asian capital in the “European markets we have been actively investing in for almost four decades.

Leonard Meyer zu Brickwedde, the president and CEO of Kenzo Capital Corporation, said: “In Patrizia we have found the right partner to enable Japanese institutional investors, with whom we have longstanding relationships, to invest in European real estate.

“Equally, Patrizia recognises Kenzo as a competence centre through which its European clients are able to invest in Japan, thereby growing the fund we jointly launched in 2017.”