Patrizia has raised €220m from 11 institutional investors for its open-ended pan-European core real estate fund.
PanEuropean Property Limited Partnership, which was launched in 1973 by Rockspring Property Investment Managers before the company was acquired by Patrizia three years ago, has become its flagship core open-ended balanced fund.
Patrizia revealed it had purchased a 75,000sqm logistics asset let to Amazon in Madrid, and a 54,000sqm logistics asset in Veghel, the Netherlands.
The latest deals mean the fund manager has acquired €330m of assets this year, increasing its gross asset value to more than €800m, and Patrizia plans to grow this to more than €1bn in 2021.
The fund has outperformed every fund in MSCI’s Pan-European Property Fund Index on a five-year annualised basis and was recently awarded a five-star sustainability score by ESG benchmark GRESB.
“It is a major achievement that PanEuropean continues to be recognised for both its sustainability credentials and its outperformance of its competitors,” said fund director Flavio Casero.
Fund manager Amirali Kasraie added: “The fund’s robust core profile and low-risk return targets remain attractive to new capital, with the arrival of some €220m of new equity.
“As we look to 2021 and beyond, we remain well positioned to strategically grow and further diversify the portfolio by accessing opportunities through Patrizia’s expansive European network.”