PATRIZIA buys another, acquiring Rockspring Property Investment Managers

Immobilien AG has acquired Rockspring Property Investment Managers.

“This acquisition represents an important milestone for PATRIZIA in achieving our vision to become a global provider of European real estate assets for our clients,” said Wolfgang Egger, CEO of PATRIZIA Immobilien AG.

Rockspring has more than 30 years of experience with a client base in excess of 120 institutional investors across 20 countries, as well as recognized fund brands including Rockspring TransEuropean, Rockspring PanEuropean and Rockspring Hanover — all of which will remain unaffected and will continue in their current form post-merger.

Rockspring’s AUM is split between the United Kingdom and Ireland (35 percent), Germany (34 percent) and France (13 percent), with the remainder (19 percent) spread throughout the rest of Europe.

It follows PATRIZIA’s acquisition of TRIUVA, the €9.8 billion ($11.6 billion) institutional fund management business of IVG Immobilien, and Sparinvest Property Investors, a global real estate fund of funds investment manager with €1 billion ($1.18 billion) AUM, during the fourth quarter of 2017.

All three purchases increases PATRIZIA’s AUM to approximately €40 billion ($47 billion) and strengthens the company’s position as a leading independent real estate investment manager in Europe.

“PATRIZIA has been preparing for the acquisitions of Rockspring, TRIUVA and SPI in a careful and strategic way for several months now, and I’m delighted that we have been able to finalize each of them this year. It represents a unique strategic opportunity to be able to bring the three businesses into PATRIZIA in one comprehensive integration process,” said Egger.

In addition, PATRIZIA acquired Hamburg-based LB Immo Invest, one of Germany’s largest real estate fund providers in the office and retail sectors in 2010. In 2013, PATRIZIA acquired London-based investment and asset manager Tamar Capital Group.

PATRIZIA will publish details of the financial impact of this acquisition at the time of its Full Year Results in the first quarter of 2018. PATRIZIA expects the transaction to close at the end of the first quarter of 2018 at the latest and to be earnings accretive in the year of acquisition.