Patrizia Immobilien has signed a co-investment agreement with Dutch pension fund ABP and Denmark's ATP Real Estate to spend as much as EUR 700 mln primarily on commercial real estate in Germany. The vehicle will be called Patroffice & Co. The German property investor said it will also handle all purchasing activities and manage the asset portfolio.

Patrizia Immobilien has signed a co-investment agreement with Dutch pension fund ABP and Denmark's ATP Real Estate to spend as much as EUR 700 mln primarily on commercial real estate in Germany. The vehicle will be called Patroffice & Co. The German property investor said it will also handle all purchasing activities and manage the asset portfolio.

Rob Bingen, senior real estate portfolio manager at ABP Investments, commented: 'This venture will allow us to further capitalize on the existing expertise in commercial real estate and benefit from the improving German property market.'