Patrizia has acquired a 90% stake in a €750m residential development project in Germany.
The €47bn manager, investing on behalf of its institutional clients, has bought the stake in the development in the Carossa Quarter, in Berlin from funds managed by Castlelake. Kauri CAB remains a minority shareholder with a 10% stake and will act as a development partner.
The 125,000sqm development, which is expected to have a €750m gross development value, is expected to be completed in 2025.
Stuart Reid, real estate development MD at Patrizia, said: “Securing our investment in this project, particularly one of such scale, is testament to the skill of our team to identify, negotiate and execute complex transactions, all against the backdrop of Covid-19.
“Residential real estate has been in Patrizia’s DNA since the company’s founding and we are thrilled to be delivering this large-scale development project which involves the creation of an entirely new neighbourhood with beneficial shared community facilities in one of Europe’s most dynamic cities.”
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