- PATRIZIA Infrastructure, through its Smart City Infrastructure Fund (SCIF), will acquire Ottima S.r.l., a leading Italian smart streetlighting company, marking SCIF’s debut investment in Europe
- Transaction broadens PATRIZIA’s footprint in investments that smarten up cities, helping create more sustainable and better-connected communities globally
- Ottima is one of Italy’s top 10 smart streetlighting companies by the number of Light Points (LPs) it manages
- Since June this year, PATRIZIA has invested c. EUR 190 million in Italian real assets, taking its AUM in Italy to over EUR 1.1 billion
London / Milan, 4 October 2022. PATRIZIA, a leading partner for global real assets, has acquired Italian smart streetlighting company Ottima through its PATRIZIA Infrastructure business. The significant investment on behalf of its institutional investors, which includes an initial payment for the acquisition and planned growth capex, is the debut investment in Europe for PATRIZIA’s flagship Smart City Infrastructure Fund, diversifying its portfolio of investee companies and geographical reach.
Founded in 2013, Ottima has grown to become one of Italy’s top 10 smart streetlighting companies by the number of LPs it manages. The company works in partnership with small to medium sized municipalities across the country to design, install, retrofit, finance and manage smart streetlighting points, with a focus on updating traditional infrastructure with the latest LED streetlight technology.
Along with the deployment of smart streetlighting, Ottima also provides a broad range of additional solutions to drive the development of smart cities, including public WIFI, smart traffic lights, CCTV monitoring, EV charging stations, solar panels and smart building technology. The current CEO, Simone Camaiani, will remain in his position to lead the next growth phase of the company with a focus on deploying new smart streetlighting projects and delivering additional efficient smart city services.
Matteo Andreoletti, Head of Infrastructure Equity, Europe and North America at PATRIZIA, said: “Our investment in Ottima addresses the global megatrend of decarbonisation by improving energy efficiency. We see this as a strategic opportunity for PATRIZIA to acquire a well-established yet highly scalable smart city platform that has the power to drive significant economic and ESG benefits for communities across Italy. Not only does this investment perfectly support our strategic position as an enabler of smart cities and buildings through targeted real asset investments, it also provides our institutional clients with attractive risk-adjusted returns and excellent growth potential.”
Smart streetlighting is a significant contributor to the European Union’s policy objectives on energy efficiency and reduction of carbon emissions. Italy is one of the highest consumers of public lighting in the EU due to its existing network of overpowered lamps containing 150W lightbulbs, while it has the second-highest number of LPs. By upgrading their streetlights with the latest LED technology, towns can achieve energy savings of up to 55% and remove harmful substances from their communities, such as ultraviolet radiations and CO2 emissions.
Dario Strano, Country Head for Italy, PATRIZIA, added: “This opportunity is yet another example of strategic and thoughtful investments that drive benefits for communities here in Italy, which continues to be a key market for our growth ambitions. Since June alone, we have invested around EUR 190 million in Italy spanning both real estate and infrastructure. And this is yet another example of how real estate and infrastructure are highly complementary and additive as assets, giving us full confidence that we will continue to grow as a real assets player.”
Alongside the investment in Ottima, PATRIZIA has recently acquired 582 student apartments in Turin, as well as a majority stake in bio-LNG producer Biomet, which is set to have Europe’s largest plant producing bio-LNG from bio-waste. Compared to diesel, bio-LNG can cut fuel costs by up to 30% and CO2 by at least 20%, while delivering a 90% reduction in nitrous oxide and particulate matter emissions.
PATRIZIA was advised on the transaction by Gianni & Origoni, EY, PwC and Sogesca, while the seller’s financial advisor was ValeCap.
PATRIZIA: A leading partner for global real assets
With operations around the world, PATRIZIA has been offering investment opportunities in real estate and infrastructure assets for institutional, semi-professional and private investors for 38 years. PATRIZIA manages more than EUR 56 billion in assets and employs over 1,000 professionals at 28 locations worldwide. Through its PATRIZIA Foundation, PATRIZIA is committed to social responsibility. The Foundation has helped around 250,000 children in need worldwide gain access to education and thus, has given them the chance of a better life over the last 22 years. You can find further information at www.patrizia.ag
+44 7881 276427