German listed property group Patrizia saw its net profit nearly double to €25.5 mln in 2012 from €13.5 mln the year before.

German listed property group Patrizia saw its net profit nearly double to €25.5 mln in 2012 from €13.5 mln the year before.

Over the past 12 months, the Ausburg-based company has focused on growing the business by opening new branches in London, Paris and Copenhagen.

'For some years now, we have focused on expanding our fund and asset management business, and are increasingly reaping the rewards from earlier investments,' said Wolfgang Egger, CEO of Patrizia Immobilien.

With the help of its co-investment strategy, the company plans to increase its investment volume in the near future. 'In 2015, we plan to oversee real estate assets totalling at least €10 bn,' said Egger.

Patrizia currently manages €7.5 bn of real estate, consisting of 60% of commercial assets and 40% of residential.

Bank loans declined by 24.9% over the past year to €521 mln, reflecting an equity ratio of 35.4%. Headcount grew by 17.7% in 2012 to 586 employees.

In 2012, Patrizia set up additional funds via its asset management companies, and now manages 20 special funds for real estate with a target volume of nearly €8 bn.

The company said it will focus on expanding the European business further in 2013.

'We will focus on establishing Patrizia as an investment platform, while improving operational processes and enhancing the efficiency of our organization,' said Egger. At least two-thirds of its earnings should come from services this year, he added.