The German real estate company acquired the two-building development on behalf of two of its pan-European funds.
German property firm Patrizia said on Wednesday that it has received a separate account from a large pension fund based in northern Germany to build a European value-add real estate portfolio worth €200 mln.
The client is seeking to grow its real estate investment exposure and has chosen Patrizia to act as investment manager for office, hotel and residential real estate investments in top European cities.
'We are very happy that we obviously have done convincing work on our existing core portfolio being managed for this client leading the pension fund into placing even more trust in Patrizia’s expertise with this value add mandate,' commented Stefan Glossner, head of Fund Management Value Add at Patrizia.
Patrizia's clients include over 200 institutional investors worldwide. Currently, the company manages real estate assets worth almost €20 bn, primarily as a portfolio manager for insurance companies, pension fund institutions, sovereign funds, savings and cooperative banks and as co-investor.
The company completed over €500 mln of acquisitions over the past two weeks alone. Acting on behalf of a German insurer, Patrizia acquired a German retail portfolio comprising 85 properties for around €400 mln from a joint venture between the Third Swedish National Pension Fund (AP3) and PGIM Real Estate, a subsidiary of Prudential Financial.
Patrizia also bought a €130 mln project to develop rental apartments in the prosperous Dún Laoghaire-Rathdown borough of Greater Dublin.
