Listed German property investor Patrizia Immobilien said it is on course to meet its earlier announced target of boosting assets under management in Europe by around €2 bn to €14 bn in 2014.
Listed German property investor Patrizia Immobilien said it is on course to meet its earlier announced target of boosting assets under management in Europe by around €2 bn to €14 bn in 2014.
The Augsburg-based company added €1.5 bn of assets to its portfolio in the first half, bringing total AUM to around €13.3 bn compared with €11.8 bn at end-2013.
In recent years, the number of institutional investors in Patrizia has increased to more than 150.
‘We are growing equally in Scandinavia, the UK and the Benelux countries as well as in Germany,’ said CEO Wolfgang Egger. ‘With our unique position, we can give institutional investors the opportunity to invest in all types of use in various regional real estate markets throughout Europe.’
Major deals in H1 included the acquisition of the Leo I portfolio of 18 office buildings in the German state of Hesse valued at €1 bn and the purchase of a residential portfolio in the Netherlands for €578 mln in a co-investment.
Operating earnings before taxes increased by 18.3% to €21.5 mln in the first six months of the year, while EBIT amounted to €9.5 mln, a rise of 21.1% year on year.
‘Our growth is going fully according to plan, as it has done for years. By the end of 2014, we will grow our assets under management by around €2 bn, as scheduled,’ Egger said.
