PATRIZIA investirà 600 mn nel residenziale di Barcellona

PATRIZIA AG, a leading partner for global real assets, has agreed to invest circa EUR 600m on behalf of its clients in a high-quality Barcelona residential portfolio through its pan-European open- ended residential flagship fund, Living Cities. The transaction, once closed, will significantly increase PATRIZIA’s current residential AUM of EUR 16bn.

The portfolio in Barcelona comprises 10 residential assets and consists of a mix of newly completed buildings and buildings that will be constructed during the course of this year, complete with additional services like gyms, co-working spaces, concierge, lounge areas and swimming pools.

With this latest strategic investment into Living Cities, the fund now has circa EUR 1.5bn in equity and is targeting the growth milestone of a total of at least EUR 2bn in equity in 2022. Furthermore, the fund has delivered strong returns this year for its clients which include pension funds and insurance companies from a mix of European, Middle Eastern and Asian economies.

Other recent acquisitions for Living Cities include a large student housing portfolio purchased in Denmark and a residential scheme in Ireland, totalling around 1,500 units, a Build-to-Rent scheme in  Reading, in the UK, of 281 apartments, a 24-storey residential tower in Helsinki, Finland, as well as a residential development and a multi-family asset in Sweden.

Source : Company