PATRIZIA Immobilien AG has held a €182 million ($211 million) first close of its fifth Multi Managers fund, PMM Global V. The fund, which has a target of €700 million ($811 million), will invest in global real estate through funds, club deals, joint ventures and co-investments via a network of local operating partners. The fund has already completed its first investment, a value-add office investment in Hong Kong with an existing Asian partner with a successful track record.
Nikolaj Stampe, head of real estate at the Danish pension provider, PKA, which represents four pension funds invested in PMM Global V, said, “The PATRIZIA Multi Managers team has delivered very strong results in their previous funds, and we believe PMM Global V will continue this good performance.”
Commenting on the fund’s first close, Mads Rude, head of PATRIZIA Multi Managers, said, “Following the recent integration into the PATRIZIA platform, it is encouraging to see our existing inv
