PATRIZIA Immobilien AG has completed the acquisition of Tamar Capital Group (‘Tamar’), a London-based real estate investment and asset management company, following approval by the FCA, the UK financial regulator. The transaction was initially announced to the market in December 2012.
All of Tamar’s 21 employees will join PATRIZIA Group, which will benefit from their proven track record and expertise in transactions and asset management across the office, industrial and retail sectors, and strengthen the Group’s presence in the UK, Ireland, France, and Germany. Furthermore, the Tamar team currently provides fund management services to the London Stock Exchange listed closed ended fund, the Tamar European Industrial Fund (TEIF). The management contract of this Fund will now merge to PATRIZIA Group, but still be managed by the existing team, thereby ensuring continuity.
Wolfgang Egger, CEO of PATRIZIA Immobilien AG: “The acquisition has already offered PATRIZIA significant growth and investment opportunities in the UK, Ireland, France and Germany. Furthermore, it has extended the company’s co-investing capabilities with international opportunistic investors looking for exposure across the asset classes, particularly in the UK and Ireland.”
Rob Brook, CEO of Tamar, said: “This is an exciting deal which we believe will deliver a number of good opportunities for growth. Our current partners and clients will benefit strongly through the integration within the wider PATRIZIA Group, by leveraging its strong European platform and broad skill set, whilst PATRIZIA will gain greater exposure to markets and opportunities where it can quickly build its presence.”