PATRIZIA adds £39m (€45m) London office to its £525m (€600m) UK Hanover fund
London-based asset a unique opportunity in the market.
- Coda Studios offers 65,000 sq ft of office space across 56 units
- Acquired on behalf of a UK-focused fund which is outperforming its index on income and returns
Augsburg/London, 21 January 2019. PATRIZIA Immobilien AG, the global partner for pan-European real estate investment, announces that it has acquired Coda Studios office space in Fulham, London from Colombia Threadneedle for a price close to GBP 39m (EUR 45m). The acquisition was made on behalf of its ‘Hanover PUT’ fund – an actively managed, open-ended, UK-focused real estate fund that has been running for 51 years and has a net asset value of almost GBP 525m (EUR 600m). The fund is outperforming its MSCI benchmark for both income and capital returns on a one-, three- and five-year basis
Coda Studios provides almost 65,000 sq ft of gated, secure office accommodation across 56 self-contained private suites, ranging in size from 300 sq ft to 3,000 sq ft. The recent opening of a state-of-the-art gym, community lounge, on-site meeting room and seasonal garden has transformed Coda into a dynamic and creative campus with the further benefit of 81 on-site parking spaces.
Simon West, Fund Manager of Hanover at PATRIZIA, commented: “This is a unique West London business and we see a real opportunity to offer the type of office accommodation that tenants are seeking in today’s market. 95% of private businesses in the UK employ less than 50 people and Coda is perfectly placed to attract these companies.”
Charlie Bishop of Moorevale, PATRIZIA’s local operating partner for the Coda project, said: “We are genuinely excited about teaming up with PATRIZIA once again. This project holds great potential and provides a comprehensive occupational solution for small- and medium-sized enterprises.”
PATRIZIA Immobilien AG:
PATRIZIA Immobilien AG has been active as an investment manager in the real estate market across Europe for more than 35 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 partner for pan-European real estate investment, PATRIZIA operates as a respected business partner of large institutional investors and retail investors in all major European countries. PATRIZIA manages almost EUR 40 billion of real estate assets, primarily as an investment 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.
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