For over 30 years, PATRIZIA Immobilien AG has beeen active with 800 employees in real estate markets over 15 countries as an investor and service provider.
PATRIZIA Immobilien AG is a recognized partner of both large institutional investors and private investors. Via cross-border investment, the company is involved in the acquisition, management and sale in tertiary, residential and commercial real estate in Germany as in the major European countries, covering the entire chain of property value creation.
Influence of capital flows on real estate
Currently, the company manages a volume of real estate assets valued at 17 billion euros, primarily as a co-investor and portfolio manager for about 200 pension funds, life insurance companies, sovereign wealth funds, or savings and mutual banks.
When the oil prices are falling, the Chinese economy is slowing and that the EU is facing the risk of a “brexit” by the UK, the investors’ capital flows are progressing worldwide. At MIPIM 2016, the General Directors of PATRIZIA for each country have analyzed, under the leadership of Peter Macpherson, Director of International Institutional Clients of PATRIZIA UK and Ireland, the influence of these capital flows – such as those of the Japan Post Bank, the world’s largest pension fund – on real estate markets.
Significant acquisitions in Europe
In 2015, PATRIZIA Immobilien AG has completed 8.7 billion of real estate transactions with 4.4 billion of acquisitions in Europe, including 2.7 billion outside Germany, and 1.5 billion of capital raised from investors.
Over the previous two years, the company has made acquisitions among the largest in Europe, including: Leo I & II (office portfolio – turnover 1,9 billion euros), Vestia (residential portfolio – 600 million euros turnover), Deikon and Food Basket (portfolios businesses – turnover 490 million euros), Madame Tussauds (museum – turnover 470 million euros) and Harald Project (residential portfolio – turnover EUR 900 million).
Strong growth in investment
In 2015, PATRIZIA sold residential and other assets for about 4.3 billion euros, a strong expansion compared to the 700 million euros transactions in 2014. These sales included several transactions of significant size such as the sale in June of Süddeutsche Wohnen GmbH – nearly 20,000 apartments for approximately € 1.9 billion and in November, a portfolio of 13,500 apartments were sold for about 1.1 billion euros.
In March 2016, PATRIZIA France, managed by Bruno Cohen, signed the sales agreement for the Astro Tower in Brussels, on behalf of a consortium of Korean investors. Towering 107 m above the ground, the Astro Tower, located in Brussels central business district, near the European district, boasts an area of 36,000 m2 of offices on 33 floors. The tower will benefit from an ambitious renovation program of an amount of approximately € 100 million to host, from October 2016, the Belgian government Employment and Training services for a firm period of 26 years.
Acquisition of Madame Tussauds
Acting as investment manager for the Taiwanese insurance company Fubon Life, PATRIZIA Immobilien AG has completed the acquisition of the iconic house of Madame Tussauds in London for £ 332.5 million, funds from Secure Income REIT Plc.
Wolfgang Egger, CEO of PATRIZIA Immobilien AG, commented on the transaction: “The large institutional investors rely more and more on strategic partners when implementing their overall investment strategy. With our European network and our local teams, we offer a “one-stop” solution for investors.”
The property in Marylebone Road, central London, has been home to Madame Tussauds Wax Museum for over 130 years, one of the most popular tourist attractions in London, with its collection of wax replicas of historical and contemporary celebrities.
PATRIZIA Immobilien AG
Managed by Wolfgang Egger, PATRIZIA Immobilien AG, headquartered in Augsburg in Deutschland, is a real estate services company listed in the SDAX stock market. As a business partner recognized by institutional investors as well as by private investors, the company operates in the main European countries with offices in Paris, London, Amsterdam, Luxembourg, Copenhagen, Helsinki and Stockholm. PATRIZIA’s intervention includes advice on the acquisition, management favoring value creation and sale of residential and commercial property through local investment platforms.