Augsberg headquartered Patrizia is raising up to £75 million from new and existing investors for its UK Core balanced fund, Patrizia Hanover Property Unit Trust to finance ESG-related improvements across the portfolio.
Hanover was established in 1967 and is one of the UK’s oldest open-ended property funds. It has assets under management of more than £500 million.
The Fund’s ESG policy includes a commitment to achieving significant cuts in greenhouse gases across the portfolio, which has already resulted in Hanover achieving Net Zero Carbon (Scope 1&2). Last year, the fund was awarded the AREF Investors’ Award for Outstanding Achievement in its approach to achieving net zero carbon.
The capital raised from investors will be allocated across several flagship assets. These include Westcott Venture Park, Aylesbury, the largest business park in Buckinghamshire. It will become a carbon negative industrial park through the delivery of the third phase of an on-site solar farm. The third phase will provide an additional 7.65 megawatts of capacity and will provide power for the park’s 80-plus tenants.
At Mole Business Park, Leatherhead (pictured), Patrizia is currently undertaking a back-to-frame refurbishment and extension of a 55,000 sq ft office building as part of a new 20-year lease agreement with the existing tenant, Surrey & Borders Partnership NHS Foundation Trust.
The focus will be on decarbonising the asset by using more sustainable materials and improving its energy efficiency with the installation of rooftop photovoltaic panels; LED lighting and daylight controls; and high performance glazing, which is expected to reduce the building’s energy use by around 60%.