- PATRIZIA recognised as winner at a gala dinner held at Whitehall Palace in London
- The 2012 acquisition was one of Europe’s largest ever real estate transactions
- Validation of the firm’s investment strategy
With around 21,000 residential units, the 2012 purchase was one of Europe’s largest ever real estate transactions. “We are extremely pleased with the award. Thanks to our many years of experience and our extensive real estate expertise, we have long been able to structure and successfully manage complex real estate transactions for our investors,” says Wolfgang Egger, CEO of PATRIZIA Immobilien AG. “We’ve demonstrated this competence in a wide range of transactions and, since 2012 alone, we have realised real estate transactions worth more than EUR 25 billion for our clients,” adds Wolfgang Egger.
The winner of the Deal of the Decade was announced during a gala ceremony on 26 April at London’s Whitehall Palace. Out of a number of nominations, PATRIZIA’s acquisition of LBBW Immobilien GmbH had already been selected as the ground-breaking transaction from the last ten years in the residential category, with a jury of real estate experts reasoning “great return, great volume and also a very historical deal as the first club deal in very strong market, setting new standards”. Each of the ten category winning transactions progressed to a public vote to find the overall Deal of the Decade winner, with PATRIZIA coming out on top.
The PATRIZIA-led consortium of investors was confirmed as winner of the tender for LBBW Immobilien GmbH (later Südewo) by Landesbank Baden-Württemberg in February 2012. The consortium included ten well-known German and international insurance companies and pension funds as well as PATRIZIA as co-investor. The purchase, totalling EUR 1.4 billion, was executed for the PATRIZIA Equity Partners II (PEP II) fund from the firm’s Equity Partners series, in which institutional clients together with PATRIZIA invest in select pan-European real estate projects. “Our mission as the investment manager was to maintain and expand the value of LBBW Immobilien GmbH while at the same time fulfilling our great responsibility towards tenants, the seller, the employees and to the wider community. We were able to achieve each of these goals,” says Wolfgang Egger.
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 around 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