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PATRIZIA acquires funds of funds business Sparinvest

By Kasmira Jefford - Thursday, October 12, 2017 10:38

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PATRIZIA Immobilien AG has bought Copenhagen-based Sparinvest Property Investors (SPI), a real estate fund of funds investment manager with around €1bn assets under management.

The company said the deal was part of a strategy to broaden its product offering for its clients and, at the same, increase its global reach. 

Chief executive Wolfgang Egger said: “SPI, with its strong track record and complementary global setup, is a perfect fit for PATRIZIA, enabling our investors to tap into a new product line and new markets. In addition, we are working on a number of initiatives which will create even more opportunities for our clients."

Founded in 2005 by its managing partners in cooperation with Sparinvest, a Danish financial institution, SPI has become a major player in the real estate fund of funds segment.

The company currently manages four real estate funds with equity commitments totalling €1.5bn.

SPI will become a member of the PATRIZIA Group. As a fully-owned subsidiary, it will retain full autonomy with regard to investment decisions concerning its funds. SPI’s fund of funds products will be added to PATRIZIA’s product line. “With our pan-European network and our more than 200 institutional investors, we can unlock further growth potential within SPI’s products,” Egger said.

PATRIZIA has completed several M&A deals, acquiring LB Immo Invest in 2010, at the time one of Germany’s largest providers of institutional real estate funds, and in 2012 buying pamar Capital Group, a London-based real estate investment and asset manager with assets across continental Europe and teams on the ground in London, Dublin, Berlin and Paris.

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