PATRIZIA acquires global "fund of funds" business
Copenhagen-based SPI is a global leader in small- and mid-cap real estate fund of funds investments.
- Takeover underlines PATRIZIA’s strategy
- SPI is one of the leading global fund of funds specialists with around EUR 1 billion AUM
- Acquisition broadens PATRIZIA’s product offering to institutional investors worldwide
- Demonstrates PATRIZIA’s successful track record in platform consolidation
PATRIZIA Immobilien AG announces that it has today acquired Copenhagen-based Sparinvest Property Investors (SPI), one of the leading global real estate fund of funds investment managers in the small- and mid-cap segment. The acquisition demonstrates PATRIZIA’s strategy to broaden its product offering for its clients and, at the same, increases the global reach of PATRIZIA. SPI is a global expert in fund of funds investments with around EUR 1 billion assets under management. The company currently manages four real estate funds with equity commitments totalling EUR 1.5 billion.
Commenting on the acquisition of SPI, PATRIZIA CEO Wolfgang Egger says: “This acquisition is a further demonstration of our ambition to expand through inorganic growth. SPI, with its strong track record and complementary global setup, is a perfect fit for PATRIZIA, enabling our investors to tap into a new product line and new markets. In addition, we are working on a number of initiatives which will create even more opportunities for our clients,” states Wolfgang Egger.
Founded in 2005 by its managing partners in cooperation with Sparinvest, a Danish financial institution, SPI has become a major player in the real estate fund of funds segment. Working with a global network of select best-in-class operating partners, SPI’s funds are invested across Europe, Asia and the Americas.
SPI will become a member of the PATRIZIA Group. As a fully-owned subsidiary, it will retain full autonomy with regard to investment decisions concerning its funds. SPI’s fund of funds products will be added to PATRIZIA’s product line. “With our pan-European network and our more than 200 institutional investors, we can unlock further growth potential within SPI’s products,” says Wolfgang Egger.
PATRIZIA has a solid track record of successful mergers and acquisitions. Examples include the integration of LB Immo Invest in 2010, at the time one of Germany’s largest providers of institutional real estate funds, and the 2012 purchase of Tamar Capital Group, a London-based real estate investment and asset manager with assets across continental Europe and teams on the ground in London, Dublin, Berlin and Paris.
PATRIZIA Immobilien AG:
PATRIZIA Immobilien AG has been active as an investment manager in the real estate market across 15 European countries for more than 30 years. PATRIZIA’s activities include the acquisition, management, repositioning and sale of residential and commercial real estate through its own licensed investment platforms. As a global provider of real estate investments in Europe, PATRIZIA operates as a respected business partner of large institutional investors and retail investors in all major European countries. Currently, the Company manages real estate assets worth almost EUR 20 billion, primarily as a portfolio manager for insurance companies, pension fund institutions, sovereign funds, savings and cooperative banks and as co-investor. For further information, please visit: www.patrizia.ag.