Germany's Patrizia Immobilien is rolling out a new organisational structure to keep pace with the increasing internationalisation of its business activities.
Germany's Patrizia Immobilien is rolling out a new organisational structure to keep pace with the increasing internationalisation of its business activities.
The new structure involves the creation of four specific regional subsidiaries for Germany, the UK, Luxembourg and the Nordics. These will be responsible for local business operations based on the principle of 'all business is local'.
Until now, operations have been conducted by six companies: Patrizia Acquisition & Consulting; Patrizia Alternative Investments; Patrizia Immobilienmanagement; Patrizia Investmentmanagement; Patrizia Projektentwicklung; Patrizia Sales and Patrizia Wohnen.
These units will all be transferred into a single company known as Patrizia Deutschland. The organisation will also include Patrizia UK, Patrizia Luxembourg, Patrizia Nordics, and so on. Staff functions and cross-departmental functions will continue to be based within the parent company. However, if necessary they will be transferred to the regional companies or set up there.
The changes, which are effective immediately, will also enable the company to organise itself in such a way that it can best implement the anticipated requirements of the AIFM Directive due to take effect in the summer of 2013.
CEO Wolfgang Egger said: 'Today the company is active as an investor and service provider with around 600 employees in more than 10 countries. In order to successfully continue down this path geared towards growth and internationalisation, we have decided to adapt our structure to meet the resulting needs.'
Patrizia Immobilien manages real estate assets worth €7.5 bn. Approximately 60% of the total is commercial real estate with residential units accounting for the remainder.
