PATRIZIA Immobilien AG acquires UK based Tamar Capital Group
PATRIZIA Immobilien AG (ISIN DE000PAT1AG3) concluded the agreement to acquire all shares in Tamar Capital Group Ltd, an owner-managed real estate investment and asset management company headquartered in London, UK.
At the request of the vendors, the parties have agreed to maintain confidentiality regarding the purchase price. With the acquisition of Tamar Capital Group Ltd, PATRIZIA Immobilien AG is also acquiring offices located in various core European markets. Completion of the purchase agreement is subject to approval by the British Financial Services Authority (FSA) regarding the change of control at Tamar Financial Services Ltd, a subsidiary of Tamar Capital Group Ltd which is regulated by the financial supervisory body.
Including all investments of Tamar European Industrial Fund, which is listed on the London Stock Exchange, Tamar Capital Group Ltd currently manages real estate assets totaling approx. GBP 560 million (approx. EUR 690 million). Besides its principal market, the United Kingdom, Tamar Capital Group Ltd operates in the German, French, Irish, Scandinavian and Belgian markets, with a focus on industrial, retail and office properties.
The acquisition of Tamar Capital Group Ltd is another logical step in PATRIZIA Immobilien AG’s pursuit of the strategic goal of expanding its business activities in other European countries and of establishing itself as a leading Europe-wide full-service provider for real estate investment and co-investor. Acquiring Tamar Capital Group Ltd thus offers PATRIZIA Immobilien AG the possibility to strengthen its presence in various core European markets, especially in the United Kingdom and France, thereby expanding its service offering, investor commitment and consequently the volume of managed investments in the area of commercial real estate throughout Europe. Furthermore, the integration of the Tamar Group into the PATRIZIA group of companies is anticipated to create considerable synergies in the areas of real estate expertise, knowledge of the European market and service besides the strategic aspects of market positioning.
Tamar Capital Group Ltd will be included as a 100% subsidiary in the financial accounts of the PATRIZIA Group from January 2013.
The Managing Board
Augsburg, 20 December 2012