PATRIZIA continues to target prime properties in core markets across the Iberian market with the acquisition of an office building located in Fray Luis de León 11 inthe Arganzuela district, in Madrid’s city centre.
Their latest acquisition has a GLA of 15,000 sqm and reinformces the firm’s Spanish portfolio of 91,000 sqm. Following this new transaction, office assets represent around a third the company’s portfolio in Spain.
Last week, the fund manager announced the final close of its flagship discretionary value add fund, TransEuropean VII LP which has reached its equity hard cap of EUR 750 million. In the latest round of fundraising, which was oversubscribed, a further EUR 116 million of new equity commitments were secured, following the previous close announced at the end of January 2020.
Backed by both existing and new institutional investors from the UK, Europe, the US, the Middle East and Asia, the Fund is the largest in the PATRIZIA TransEuropean series, surpassing TransEuropean Property LP VI (“TEP VI”) which raised EUR 430 million of equity.
TEP VII will pursue a cash-flow driven, value-add strategy across the office, logistics, residential and retail sectors in both Europe and the UK, benefiting from PATRIZIA’s operating platform approach. Having already committed to a number of investments, primarily in the logistics sector, in markets such as Madrid, Barcelona, Milan and Avignon, the programme has in excess of EUR 1 billion of ‘dry powder’ to deploy over the next three years.
PATRIZIA manages more than EUR 45 billion of real estate and infrastructure assets, primarily as an investment manager for insurance companies, pension fund institutions, sovereign funds, savings and cooperative banks.
During may, the global partner for pan-European real estate investment, announced the acquisition of a portfolio of seven healthcare assets in Germany, on behalf of PATRIZIA Social Care Fund III. The seller of the portfolio is Senioren-Wohnen Holding GmbH, a subsidiary company of advita and is also in charge of the development of advita properties. PATRIZIA manages more than EUR 1.3 billion of assets in the healthcare sector.
The portfolio includes one existing asset in Schwäbisch Hall plus six turnkey developments spread across Schwäbisch Hall, Offenburg, Bad Kreuznach, Bad Windsheim, Lauda Königshofen and Bad Mergentheim.
Daniel Dreyer, Head of Transactions DACH at PATRIZIA, commented: “We are pleased to have concluded such an exciting transaction as we were able to acquire a modern portfolio of high-quality operational assets let to an experienced and renowned operator of long leases, which will deliver solid and stable Cash Flow to our investors.”
“Over the last few years, we have looked to increase our exposure to social and healthcare real estate across Germany where demand has been steadily rising. Whilst the current COVID-19 pandemic has created some economic uncertainty, the investment market for healthcare real estate has remained resilient. We are confident this sector will continue to play a central role in the future.”
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