German property business Patrizia Immobilien has acquired Copenhagen-based Sparinvest Property Investors (SPI), a global real estate fund of funds investment manager in the small- and mid-cap segment, with around €1 bn assets under management.
SPI currently manages four real estate funds with equity commitments totalling €1.5 bn.
'This acquisition is a further demonstration of our ambition to expand through inorganic growth,' commented Patrizia CEO Wolfgang Egger. 'SPI, with its strong track record and complementary global setup, is a perfect fit for Patrizia, enabling our investors to tap into a new product line and new markets. In addition, we are working on a number of initiatives which will create even more opportunities for our clients.'
Founded in 2005 by its managing partners in cooperation with Sparinvest, a Danish financial institution, SPI's funds are now invested across Europe, Asia and the Americas.
SPI will become a member of the Patrizia Group, retaining full autonomy with regard to investment decisions concerning its funds as a fully-owned subsidiary. SPI’s fund of funds products will be added to Patrizia’s product line.
'With our pan-European network and our more than 200 institutional investors, we can unlock further growth potential within SPI’s products,' concluded Egger.
Patrizia has a track record of mergers and acquisitions. In 2010 it took-over LB Immo Invest, at the time one of Germany’s largest providers of institutional real estate funds. In 2012, London-based Tamar Capital Group was acquired, a real estate investment and asset manager with assets across continental Europe and teams on the ground in London, Dublin, Berlin and Paris.
