Patrizia, the Augsburg-based listed property company, has purchased seven commercial assets in Germany for almost EUR 50 mln on behalf of Patroffice - a news joint co-investment vehicle between Patrizia, Dutch pension fund ABP and Denmark's ATP Real Estate.
Patrizia, the Augsburg-based listed property company, has purchased seven commercial assets in Germany for almost EUR 50 mln on behalf of Patroffice - a news joint co-investment vehicle between Patrizia, Dutch pension fund ABP and Denmark's ATP Real Estate.
The properties comprise a total useable area of almost 21,000 m2 and were acquired from two unidentified sellers. Two of the properties are situated in Saarbrücken; the others are located in Augsburg, Essen, Frankfurt, Munich and Düsseldorf. Patrizia said it plans to exploit this potential fully, using specific value-increasing measures to the value of EUR 2.6 mln. 'On completion of all the modernisation and restructuring measures planned, we anticipate that cash flow will increase by up to 24%,' said Patrizia's managing director Martin Lemke.
In addition to its equity share, Patrizia is also responsible for acquiring the commercial properties and for full asset management in the co-investment, thereby expanding its asset management activity.
Further acquisitions for the Patroffice, which has a total investment volume of EUR 700 mln, are to follow shortly, the company said.
