LONDON—Patrizia Immobilien AG has made its first acquisitions in the UK. The deals come on the heels of the completion of its acquisition of Tamar Capital Group, the London-based real estate investment and asset management company.
Both assets have been acquired in a joint venture between Patrizia and funds or accounts managed by Oaktree Capital Management, L.P.
Edmund House, Edmund Street, Birmingham was acquired from clients of Aberdeen Asset Management for $12.5 million (£8M), reflecting a net initial yield of 10%. Located in the prime office pitch in Birmingham city centre, the building provides 80,000 sqare foot of accommodation of which approximately 30% is currently vacant. Tenants in occupation include Gresham Trust, Lloyds Bank and Eversheds.
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David Phillips
David Phillips is a Chicago-based freelance writer and consultant with more than 20 years experience in business and community news. He also has extensive reporting experience in the food manufacturing industry for national trade publications.
