Patrizia Immobilien to end property management activity

Patrizia Immobilien is ending its property management activity to focus on investment management.

The investment manager said it would look to increase its international presence while focusing on asset management and portfolio management.

The company, present in 15 countries, will outsource property management to an external provider and dispose of the division to a strategic buyer. 

Wolfgang Egger, chief executive, said: “As part of the stronger focus on investment management, Patrizia will concentrate on value-creating business activities such as asset management and portfolio management, acquisitions and realisations.”

The company will reduce its range of services to “minimise complexity as internationalisation increases”.

Patrizia will also look to continue growing in Europe and expand its local presence to further countries.

“Our European expansion allows our investors to diversify their investments through different asset categories, risk classes and countries with us,” Egger said.