- PATRIZIA Multi Manager (PMM) Global IV is a global value add fund, which had its final close in mid-2016 with €505m in total commitments. This Fund is a continuation of PMM Global II and PMM Global III’s strategy.
- PMM Global IV targets a net IRR of 11%+ to investors by investing in the small- and mid-cap segment alongside local operating partners. The Fund is expected to maintain a prudent leverage of approximately 50% loan-to-value.
- PMM Global IV will mainly invest in existing properties with significant potential for NOI growth through hands-on repositioning techniques. It will also do developments in markets with significant growth and undersupply of up-to-date buildings. Nearly two thirds of the capital is expected to be allocated to mature markets and one third to emerging markets.
- The Fund is currently sourcing opportunities for investment.
- As of Jan 2018, PMM Global IV is about 80% committed through 17 distinct strategies in the Americas, Europe and Asia.
When the investment program is finalised, PMM Global IV’s portfolio is expected to have the following exposure: