La tedesca PATRIZIA acquisisce la danese SPI, specialista in “fondi di fondi”

PATRIZIA Immobilien AG announces that it has  acquired Copenhagen-based Sparinvest Property Investors (SPI), one of the leading global real estate fund of funds investment managers in the small- and mid-cap segment. The acquisition demonstrates PATRIZIA’s strategy to broaden its product offering for its clients and, at the same, increases the global reach of PATRIZIA. SPI is a global expert in fund of funds investments with around EUR 1 billion assets under management. The company currently manages four real estate funds with equity commitments totalling EUR 1.5 billion.

Commenting on the acquisition of SPI, PATRIZIA CEO Wolfgang Egger says: “This acquisition is a further demonstration of our ambition to expand through inorganic growth. 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,” states Wolfgang Egger.

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. Working with a global network of select best-in-class operating partners, SPI’s funds are invested across Europe, Asia and the Americas.

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,” says Wolfgang Egger.

PATRIZIA has a solid track record of successful mergers and acquisitions. Examples include the integration of LB Immo Invest in 2010, at the time one of Germany’s largest providers of institutional real estate funds, and the 2012 purchase of Tamar 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.

Source : Company