In the past fiscal year, PATRIZIA Immobilien AG has been very successful on the investment and the investor markets. In total, real estate transactions valued at approximately 3.2 billion were recorded and 1.1 billion equity obtained from institutional investors.
"In 2012, PATRIZIA continued its development as Europe's leading real estate investment house. This is reflected in our positioning across Europe, the expansion of our service range, our larger circle of investors and therefore in the considerable increase in transaction volume," said Wolfgang Egger, CEO of PATRIZIA Immobilien AG.
Purchases of 2.6 billion/sales of 600 million
The real estate transactions of 3.2 billion included all purchases and sales that PATRIZIA carried out for fund investments, co-investments and its own investments. Above all, PATRIZIA witnessed an increase in acquisitions. Altogether, properties valued at approximately 2.6 billion were acquired for the various investment vehicles managed by PATRIZIA. With respect to co-investments, PATRIZIA purchased properties with a total value of more than 1.6 billion. A major contributing factor to this was the acquisition of SüDeWo (formerly LBBW Immobilien). This portfolio including the company and its approximately 21,000 apartments was purchased for approximately 1.4 billion.
In addition, for its funds PATRIZIA asset management companies acquired properties valued at almost 1 billion, whereby around two third was invested in commercial real estate and the other third in residential real estate. "We invested approximately 40% of our fund investments in other countries outside Germany last year. This shows once again that we are yet one major step closer to our goal of being a player on the European investment scene," stated Egger.
As a seller, PATRIZIA sold properties with a total value of 600 million in fiscal year 2012. Purchase prices of approximately 300 million were achieved through individual sales and 300 million through global sales. The sales included all transactions involving properties which PATRIZIA held as its own investment or a co-investment or for which PATRIZIA was a service provider for third parties.
1.1 billion equity raised from institutional investors
In addition, PATRIZIA acquired equity of 1.1 billion from institutional investors in the 2012 fiscal year. "Investor meetings have confirmed my view that PATRIZIA will continue to enjoy investors' confidence and that we will continuously extend our assets under management to 10 billion by 2015," says Wolfgang Egger, CEO of PATRIZIA Immobilien AG.
Co-investments on the rise
Some 600 million in equity was acquired as part of the acquisition of SüDeWo GmbH, chiefly from superannuation schemes and insurance companies as well as a sovereign fund. A further 200 million in equity comes from a renowned German pension fund that is investing in portfolio properties and project developments via the WohnModul I co-investment and has already committed its own funds of 300 million for this. "The strategic development of our business model accomplished last year with the opening of our value chain for third parties has proved more than successful. Our co-investors can benefit along the whole real estate value chain. In the future, PATRIZIA will intensify its co-investment activities even further," says Egger.
One in ten Sparkasse savings banks in Germany invests with PATRIZIA
PATRIZIA has also raised fresh equity for the real estate special funds business. Alongside increases from existing clients, twelve Sparkasse savings banks were acquired as new customers with equity commitments of 300 million. Egger explains: "Since the acquisition, we have not only held on to the client base of the former LB Immo Invest but also enlarged it by 30%. One in ten Sparkasse savings banks in Germany now invests with PATRIZIA." In terms of equity, commitments by companies from the Sparkasse organization amount to approximately 1.5 billion. "This makes PATRIZIA one of the most imp
