Pan-European investment manager Patrizia Immobilien executed €7.2 bn of transactions in 2016, of which €5.1 bn closed, as the company's assets under management rose from €16.6 bn to €18.6 bn.
The company said that it had significantly exceeded its profit forecast for the 2016 financial year following a strong fourth quarter performance, characterised by increased transaction volumes and the realisation of higher performance fees from its property management business.
'The size and quality of Patrizia’s results in recent years confirm the successful implementation of the European strategy and the scalability of the operational platform,' commented Karim Bohn, chief financial officer of Patrizia Immobilien.
Following a total operating income of €155 mln for the 2015 financial year, the figure for 2016 is expected to rise to €283 mln, exceeding the most recent forecast of €265 mln.
The company closed €5.1 bn of real estate transactions over the year, with €3.2 bn of property acquired for Patrizia's investment vehicles, and €1.9 bn of properties divested. Another €2.1 bn of transactions were signed, the majority of which are expected to close in 2017.
In total, €2.2 bn of funds were raised globally from investors in 2016 — significantly more than the €1.5 bn in 2015. Around €0.4 bn was raised from institutional investors outside Europe, particularly Asia. 'This achievement demonstrates that Patrizia is today perceived as one of the leading investment managers in Europe and first choice for European investments, including for global investors,' concluded Bohn.
