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Patrizia panEuropean fund on target for €1bn AUM in 2021

Augsburg-based Patrizia raised €220 million of new equity in 2020 for the Patrizia PanEuropean Property Limited Partnership, its flagship core open-ended balanced fund and is on target to exceed €1 billion in 2021.

The new capital was obtained from 11 new institutional investors.

Patrizia fund manager Amirali Kasraie said: “The fund’s robust core profile and low-risk return targets remain attractive to new capital.”

Patrizia said that the fund has outperformed every fund in the MSCI Pan-European Property Fund Index on a five-year annualised basis. It was also recently awarded a five-star GRESB score, reflecting the its ESG credentials, including its net zero carbon strategy.

During the year the fund spent over €330 million on new acquisitions, increasing the total gross asset value to over €800 million. The plan is to exceeed €1 billion in 2021. Recent deals include the acquisition of a 75,000 sq m logistics asset, let to Amazon, in Madrid, Spain, and a 54,000 sq m logistics asset in Veghel, the Netherlands (pictured above).

The fund has increased its overall weighting to the logistics sector to approximately one third. The office sector comprises a further third, and the balance is made up of residential and food-anchored retail. Occupancy remained high at 98% and rent collection at 99% throughout the pandemic, Patrizia stated.