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Investment Criteria

PATRIZIA is interested in investment operations of over EUR 20 million in the following segments:

  • High-street retail (not shopping centres) in the main commercial areas of the largest provincial capitals in Spain (Madrid, Barcelona, Valencia, Seville, Malaga and Bilbao) and Portugal (Lisbon and Porto)
  • Offices in prime areas in Madrid, Barcelona and Lisbon, both in terms of profitability and added value. We may also consider opportunities in less well-positioned locations if the assets have good tenants, low or no periods of vacancy and/or long-term contracts.
  • Investment property in Madrid, Barcelona, Lisbon and the main provincial capitals in Spain (with more flexibility in terms of location than in retail). These do not have to be in prime areas. We can also consider products under protection and with old rental contracts.
  • Residential property to renovate in prime zones in Madrid and Barcelona, WITHOUT TENANTS (preferably empty).
  • Investment logistics centre, only with long-term contracts with first-rate operators, in the main zones of Madrid, Barcelona and Lisbon.

We may also assess the possibility of investing in assets lower than the aforementioned value if it presents an exceptional opportunity.
 

It should be noted that:

  • We do not buy any assets that are not 100% owned by the current proprietor, nor do we consider ‘tourist’ assets (e.g. tourist accommodation on the coast, second homes and tourist/island hotels).
  • Concerning the hotel sector, our policy requires the property to submit a document in which it manifests its intention to sell and/or receive offers in relation to the asset(s), which must represent a volume of no less than EUR 100 million.
  • Regarding shopping centres, we are particularly interested in pan-European portfolios, but not in individual assets.