PATRIZIA Immobilien AG has acquired Copenhagen-based Sparinvest Property Investors (SPI), a global real estate fund of funds investment manager with €1bn AUM.
Operating in the small and mid-cap segment, SPI currently manages four real estate funds with equity commitments totaling €1.5bn.
SPI will become a member of the PATRIZIA Group and as a fully-owned subsidiary, it will retain full autonomy on investment decisions concerning its funds with the products added to PATRIZIA’s product line. Founded in 2005 by its managing partners in co-operation with Sparinvest, a Danish financial institution, SPI has become a major player in the real estate fund of funds segment across Europe, Asia and the Americas.
PATRIZIA chief executive Wolfgang Egger said: “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.”
The deal follows PATRIZIA’s integration of LB Immo Invest in 2010 and the 2012 purchase of Tamar Capital Group, a London-based real estate investment and asset manager.