German listed property company Patrizia Immobilien is acquiring London-based real estate investment and asset management company Tamar Capital Group.

German listed property company Patrizia Immobilien is acquiring London-based real estate investment and asset management company Tamar Capital Group.

'We are continuing on our track to Europe. This is our latest step down the path of our systematic approach to European expansion,' said Patrizia CEO Wolfgang Egger.

Tamar operates in the UK, German, French, Irish, Scandinavian and Belgian markets. It concentrates on office, industrial, and retail assets. It has EUR 700 mln of assets under management.

Tamar will be fully consolidated from the first quarter of 2013 as a wholly owned subsidiary of Patrizia. The firm's 21 employees will also be taken over. Patrizia already has EUR 7.5 bn of assets under management.

Patrizia said the takeover strengthened both its London office and presence in core European markets. 'We believe that there is interest among opportunistic investors for partners with local real estate expertise who also participate in the company's success with a co-investment. London is the ideal location for this,' Egger added.

The transaction is subject to the approval of UK financial regulators.