Patrizia receives €400m mandate
Patrizia Immobilien AG has received a €400 million ($440 million) mandate from German pension fund Bayerische Versorgungskammer.
Patrizia will be setting up a pan-European portfolio of flats in this magnitude for a BVK fund and be responsible for the real estate as investment manager.
Investments will be located in the Netherlands and Scandinavia, specifically in existing residential real estate as well as project development.
The first purchase for the BVK fund were 1,275 residential units in 23 locations for approximately €150 million ($165 million) in March. Sellers included several real estate funds managed by Holland Immo Group. Patrizia plans to keep most of the flats in the portfolio. Some of the flats are to be privatized.
The mandate follows Patrizia’s separate account mandate by