PATRIZIA launches Japanese residential real estate fund with Kenzo
PATRIZIA Immobilien AG announces that it has launched a new fund with a target investment volume of EUR 480 through 550 million on behalf of Kenzo Japan Real Estate GmbH, Munich and with Kenzo Capital Corporation, Tokyo as the asset manager.
The fund will provide exclusively German institutional investors with access to the Japanese residential real estate market. In addition to launching the fund, PATRIZIA has been awarded the fund administration mandate and will be retained as a service provider, a model which PATRIZIA has already planned to further expand.
"This mandate with Kenzo Capital Corporation not only offers investors a way to access the Japanese real estate market but for PATRIZIA more widely it is a strong endorsement of our expertise in global institutional real estate and fund administration. It builds on our team’s knowledge and experience and further strengthens PATRIZIA‘s position in a market which is increasingly attractive to investors due to Japan’s strong economic growth and its stable political situation," commented Sven- Olaf Eggers, Managing Director PATRIZIA WohnInvest.
"Building upon this teamwork of specialists, that partly know each other for as long as a decade from Japanese business, we plan to expand our operations in fund administration."The fund has already made its first investments, comprising four prime assets in Tokyo and has identified an extensive pipeline of potential acquisitions. Kenzo Capital Corporation was established in 2008. This is its first investment fund dedicated to Japanese residential real estate for German institutional investors.
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 one of the leading real estate investment companies 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 more than EUR 19 billion, primarily as a portfolio manager and co-investor for insurance companies, pension fund institutions, sovereign funds, savings and cooperative banks. For further information, please visit: www.patrizia.ag.