- 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. PMM Global IV is a continuation of PMM Global II and PMM Global III’s strategy. It targets a net IRR of 11%+ to investors by investing in the small- and mid-cap segment alongside local operating partners. PMM Global IV 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. PMM Global IV will also do developments in markets with significant growth and undersupply of up-to-date buildings. Approximately two thirds of the capital is expected to be allocated to mature markets and one third to emerging markets.
- PMM Global IV is currently sourcing opportunities for investment.
- As of May 2016, PMM Global IV is approximately 30% committed through five 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: