APG Asset Management invests in PATRIZIA-backed smart city fund

PATRIZIA has secured an additional €200 million ($223 million) for its flagship Smart City Infrastructure Fund (SCIF) from cornerstone investor APG Asset Management, on behalf of its pension fund client ABP, bringing the total fund commitment to €950 million ($1.1 billion).

With an existing $500 million co-investment side vehicle, this grows PATRIZIA’s overall smart cities investment program to around €1.4 billion ($1.6 billion) of equity only.

SCIF was established in November 2018 to invest in smart city-enabling infrastructure and was one of the first funds globally to target this emerging asset class. The fund targets investments that enable the implementation of a wide range of smart city infrastructure solutions, such as smart streetlighting, smart building optimization and fiber-to-the-home connectivity.

PATRIZIA will use the fresh round of funding to expand SCIF’s Italian smart streetlighting platform as well as its smart city