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PATRIZIA AG
Capital/Financing Update • Jul 12, 2016
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Capital/Financing Update
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Corporate | 12 July 2016 07:00
PATRIZIA Immobilien AG: PATRIZIA Awarded EUR 300 Million Separate Account Mandate
DGAP-News: PATRIZIA Immobilien AG / Key word(s): Real Estate/Alliance
2016-07-12 / 07:00
The issuer is solely responsible for the content of this announcement.
Major German insurance group investing through PATRIZIA
PATRIZIA Awarded EUR 300 Million Separate Account Mandate
– Mandate to acquire well located residential investments Europe-wide
– Acquisition of a residential development complex in Copenhagen already achieved
Augsburg, 12 July 2016. PATRIZIA Immobilien AG has been awarded a separate account mandate by a major German insurance company to invest EUR 150 million of equity to create a circa EUR 300 million portfolio of well located residential properties throughout Europe. One asset has already been acquired and additional acquisitions are currently being considered. “We believe this mandate is recognition of our specialist expertise and the strong track record that PATRIZIA offers across Europe as a business partner, where we can offer the best risk diversification to our clients,” says Jochen Reith, Group Head of Institutional Clients, DACH Region (German, Austria, Switzerland), for PATRIZIA.
PATRIZIA has already made good progress, having acquired its first residential property on behalf of the mandate, in Denmark. The turnkey development is located an attractive area in the south of Copenhagen. The property is situated in a newly developed area close to the Amager Beach Park at Öresund, close to the city center in an area that is characterised by modern architecture, parks, and the Amager Beach Park. “The Amager Beach Park is a very successful public development project, which offers excellent public transport links into the city center. We believe this will ensure that there is a strong demand for residential property in the area, facilitating a positive outlook for capital growth,” explains Rikke Lykke, Managing Director, PATRIZIA Nordic Region.
The residential complex comprise a number of buildings ranging from three to six floors providing a lettable area of approximately 7,100 square meters which will deliver 68 residential units, one commercial unit, and 34 parking spaces. The plans call for modern and high-quality facilities as well as at least one balcony per apartment. Kitchens and bathrooms will be pre-installed and offer high quality fixtures and fittings. All stairwells will have elevators. Completion is scheduled for Q4 2017. The seller is a consortium of investors. The parties have agreed to keep the purchase price confidential.
“The residential market in Copenhagen is characterised by strong excess demand for residential space. Furthermore, the population of Copenhagen is expected to increase by around 24% by 2030,” Lykke explains. Moreover, with a low level of construction and strong demand for residential space in Copenhagen, prices are expected to remain stable. The prospects for the residential market are also supported by an improving economy, supported by a decreasing unemployment rate, increasing consumer confidence, a normalisation of private consumption, economic growth, lower inflation and historically low mortgages rates.
PATRIZIA Immobilien AG:
PATRIZIA Immobilien AG has been active as an investment manager on the real estate market in 15 European countries for more than 30 years. PATRIZIA’s range includes the acquisition, management, value increase and sale of residential and commercial real estate over own licensed investment platforms. As one of the leading real estate investment companies in Europe PATRIZIA operates as a respected business partner of large institutional investors and retail investors in all major European countries. Currently, the Company manages real estate assets worth around EUR 17 billion, primarily as a co-investor and portfolio manager for insurance companies, pension fund institutions, sovereign funds, savings and cooperative banks. For further information, please visit: www.patrizia.ag.
PATRIZIA Immobilien AG
PATRIZIA Bürohaus
Fuggerstraße 26
86150 Augsburg
Listed: Official Market Frankfurt am Main (Prime Standard)
ISIN: DE000PAT1AG3
WKN: PAT1AG
Contact
Investor Relations
Michael Tegeder
T +49 821 50910-401
Verena Schopp de Alvarenga
T +49 821 50910-351
2016-07-12 Dissemination of a Corporate News, transmitted by DGAP – a service of EQS Group AG.
The issuer is solely responsible for the content of this announcement.
The DGAP Distribution Services include Regulatory Announcements, Financial/Corporate News and Press Releases.
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| Language: | English |
| Company: | PATRIZIA Immobilien AG |
| Fuggerstraße 26 | |
| 86150 Augsburg | |
| Germany | |
| Phone: | +49 (0)821 – 509 10-000 |
| Fax: | +49 (0)821 – 509 10-999 |
| E-mail: | [email protected] |
| Internet: | www.patrizia.ag |
| ISIN: | DE000PAT1AG3 |
| WKN: | PAT1AG |
| Indices: | SDAX |
| Listed: | Regulated Market in Frankfurt (Prime Standard); Regulated Unofficial Market in Berlin, Dusseldorf, Hamburg, Hanover, Munich, Stuttgart; Terminbörse EUREX |
| End of News | DGAP News Service |