Tag: patrizia

Patrizia Acquires an Office Building in Madrid for €45 Million

The German fund manager has acquired a 15,000-square-metre office building in the Arganzuela district of the capital for €45 million.

The German fund manager Patrizia has acquired an office building located on Calle Fray Luis de León, 11 in Madrid, in the Arganzuela district, for 45 million euros. In this way, the investment firm has reactivated the office market in the capital with one of the first purchases in Madrid post-Covid, as reported by the company to Brainsre.news.

The property has a surface area of 15,000 square metres and 176 parking spaces. In addition, the asset is leased for the most part to the company Vodafone, which has a long-term rental contract.

Read the full article in Spanish.

Patrizia Appoints Thomas Wels as its Co-CEO

Thomas Wels has extensive international experience after more than 15 years at UBS Asset Management, where he held various positions.

The German real estate group Patrizia has announced the appointment of Thomas Wels as the new Co-CEO of the company. The executive will be responsible for the subsequent development of the firm’s platform business and will support expansion to new business areas and international markets. Wels will take up his new role from 1 May this year.

“Wels will develop strategies to accelerate industry consolidation, including our move into new real asset classes and business areas, to further strengthen our worldwide customer-focused approach,” said Wolfgang Egger, CEO of Patrizia.

New Investors Enter the Build to Rent Market in Spain

The build to rent segment has grown in recent years and new players have been entering the market. In the first quarter of the year, investment in the sector amounted to €400 million.

In the last year, several new players have joined the rental market through ‘build to rent’ projects. The segment saw investment of more than €2 billion during 2019, and of €400 million during the first three months of this year, despite the coronavirus crisis impacting the end of the quarter.

In terms of the new investors specialising in this type of asset, players include BeCorp Scranton – an investment vehicle owned by the Grifols family -, Locare y Tectum, the real estate subsidiary of AXA, Ares, M&G, Catella, the property developer ASG Homes, and the German groups Hines and Patrizia.

BNP Paribas: Investment in Logistics Assets Amounted to €1.85bn in 2019

9 January 2020 – Cadena de Suministro

According to data compiled by BNP Paribas, investment in the Spanish logistics sector amounted to €1.85 billion in 2019, which represented a new record, for the fifth consecutive year, and an increase of 42% YoY. The rise was driven by the boom in e-commerce and the attractive returns in the segment.

During Q4 2019, investment in the sector amounted to €545 million with prime yields falling to 4.90%. Notable transactions during the quarter included the sale by GreenOak to Patrizia of the largest logistics portfolio in Europe for €1.3 billion (€225 million in Spain); and the acquisition by Roebuck of the Pikolin logistics platform in Zaragoza for €78 million.

Original story: Cadena de Suministro

Translation/Summary: Carmel Drake

Patrizia to Sell Amazon’s Logistics Platform in Madrid

4 January 2020 – The German firm Patrizia has decided to sell two logistics assets in Madrid. The platforms include Amazon’s logistics centre in Getafe and a warehouse in Torrejón de Ardoz. Patrizia is looking to raise 150 million euros with the sale.

Amazon’s facility in Getafe is raising the most investor interest. The 58,000-m2 asset has a long-term lease with the e-commerce giant and is located near the M-50 ring-road. Patrizia acquired the property in 2017 and paid 40 million euros to build the platform.

La firma alemana Patrizia ha decidido vender dos activos logísticos en Madrid. Las plataformas incluyen el centro logístico de Amazon en Getafe y un almacén en Torrejón de Ardoz. Patrizia busca recaudar 150 millones de euros con la venta.

Las instalaciones de Amazon en Getafe están generando el mayor parte del interés de los inversores. El activo de 58,000 m2 tiene un contrato de arrendamiento a largo plazo con el gigante del comercio electrónico y está ubicado cerca de la carretera M-50. Patrizia adquirió la propiedad en 2017 y pagó 40 millones de euros para construir la plataforma.

Original Story: Idealista / El Economista

Translation/Summary: Richard D. Turner

Patrizia Finalises Acquisition of Logistics Portfolio from BentallGreenOak

10 December 2019 – Patrizia has finalised its acquisition of a major portfolio of logistics and industrial assets, including 42 buildings and projects under development in Europe. Of those, eleven, or almost a third, are located in Spain.

The company agreed to pay the US fund BentallGreenOak €1.2 billion euros for the portfolio, which includes 309,000 square meters of space in Spain, out of a total of 1.4 million square meters of pre-existing space for rent, and another 138,000 additional square meters under development.

A group of institutional investors including both a Danish and a Korean pension fund, alongside Patrizia’s Logistik-Invest Europa II fund.

Original Story: Expansión – Rebeca Arroyo

Adaptation/Translation: Richard D. K. Turner

Patrizia Launches €650-Million Fund Targeting Residential Sector in Europe

2 December 2019 – The German fund Patrizia has launched a €650-million, pan-European investment vehicle to invest in the residential sector in Europe’s main cities. The fund also plans to invest more than €1 billion just in 2020.

Patrizia intends to focus on long-term investments, allocating 20% of the capital to the acquisition of alternative residential assets, such as co-living spaces and homes for students and the elderly (though probably not together…).

Original Story: Eje Prime

Adaptation/Translation: Richard D. K. Turner

Patrizia Looks to Invest Up to €500 Million in Spain and Portugal

2 December 2019 – The German investment fund Patrizia plans to invest up to 500 million euros in the Spanish and Portuguese real estate markets over the coming years. The fund currently intends to divide its investments between offices (40%), residences (40%) and logistics (20%) though the relative weight of each sector could vary. The firm is first looking to enter the market for student housing in 2020, either by building new facilities or acquiring in and will enter the market for student residences in 2020. Regardless, the firm would lease the facilities to outside operators.

Original Story: Eje Prime – Marc Vidal Ordeig

Adaptation/Translation: Richard D. K. Turner

GreenOak Sells €1.3 Billion Portfolio of Logistics Assets to Patrizia

8 October 2019 – GreenOak announced that it was close to finalising a deal to sell a pan-European portfolio of logistics assets to Patrizia, the German real estate investment giant. The German group is in exclusive negotiations with the US fund to acquire the portfolio for roughly €1.3 billion. The two firms expect to finalise the transaction before the end of the current fiscal year.

The portfolio consists of 1.5 million square meters of logistics assets, which the US firm acquired over the last three years for its second pan European logistics fund.

At the same time, GreenOak is acquiring assets for its third fund. In April, the US fund acquired 40,000 square meters of logistics space in the town of Seseña from Pavasal.

Original Story: El Confidencial – Ruth Ugalde

Adaptation/Translation: Richard D. K. Turner

Patrizia Buys a Logistics Asset in Toledo for €37.5M

28 November 2018 – Eje Prime

Patrizia Immobilien AG is gaining financial muscle in the Spanish market. The German fund manager has purchased a space measuring 66,424 m2, divided into two properties, south of Madrid for €37.5 million. With this operation, the company is strengthening another of its key segments in the Spanish real estate market, after launching its first residential project in the country in July 2017.

The latest complex is located in the municipality of Ontígola in Toledo and is leased in its entirety to two tenants: the transport company DHL and the company specialising in logistics for the textile sector Logisfashion. Both groups are expected to begin their activity in the premises during the first half of 2019.

Patrizia has acquired this logistics unit through its latest fund. In fact, it is the seventh fund that the company has launched in Europe with the aim of buying real estate assets, in particular in the segment for offices, industrial assets and residential properties.

“This operation underlines the company’s commitment to the Spanish logistics sector, which is experiencing one of its best ever moments due to the boost from e-commerce and the shortage of good-quality assets”, said Eduardo Roza, Head of Operations at Patrizia in Spain, in a statement.

Currently, the group manages four logistics properties located in Madrid and Barcelona, spanning more than 200,000 m2 in total. In Spain, Patrizia also has a portfolio of residential rental assets worth €1 billion. The company has its headquarters in Spain in Madrid, where it employs a workforce of fourteen.

The group is headquartered in Augsburg, Germany and was founded in 1984 by its current CEO, Wolfgang Egger. Patrizia Immobilien is one of the largest real estate investment management entities in Europe. The company controls a real estate portfolio worth €19.5 billion with assets located across more than fifteen countries in the Old Continent.

The company operates as a strategic investment advisor, both for large institutional investors (insurance companies, pension funds, sovereign funds, savings banks and credit cooperatives), as well as for domestic and international investors.

Original story: Eje Prime (by Berta Seijo)

Translation: Carmel Drake