Mads Rude has taken over from Bo Jensen as managing director of Patrizia Immobilien’s recently acquired real estate multi-manager business.
Rude has been appointed managing director of Patrizia Multi Managers (PPM), the new name for Sparinvest Property Investors which was acquired by Patrizia in October.
Patrizia said Jensen, who founded Sparinvest with Rude, is stepping down due to health issues.
Jensen will continue to advise the business and retains a position on the PPM board.
Last October, Germany’s Patrizia bought the Copenhagen-based real estate fund-of-funds manager SPI in a bid to broaden its product offering.
Although now integrated into Patrizia, the Copenhagen-based PPM will retain full autonomy over investment decisions, it said.
Patrizia said the search for a new director of European investments, the role previously held by Rude, has already commenced.
As reported in the latest edition of IPE Real Assets, Patrizia has had ambitions to become a large pan-European real estate fund manager with a global capital base.
Patrizia has undertaken a number of corporate acquisitions over the past six years, transforming itself from a German residential specialist to a diversified, pan-European institutional investment manager.
The company’s latest deal was announced last month as it acquired Rockspring Property Investment Managers, increasing the German company’s assets under management (AUM) to approximately €40bn.
This acquisition came a month after it bought Triuva, boosting its AUM to more than €30bn from €21bn.