Patrizia Immobilien AG has acquired Copenhagen-based Sparinvest Property Investors (SPI), a global expert in "fund of funds" investments with around €1bn assets under management. The company currently manages four real estate funds with equity commitments totalling €1.5bn.
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".
As a fully-owned subsidiary, SPI 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.