AUGSBURG, GERMANY—Patrizia Immobilien AG said Tuesday it had acquired UK-based Rockspring Property Investment Managers LLP. Deal terms were not disclosed; however, Rockspring had approximately €7.9 billion (US$9.3 billion) in funds under management as of this past Sept. 30.
For Patrizia, the addition of Rockspring will increase its assets under management to approximately €40 billion (US$47.4 billion). It follows the investment manager's recent acquisitions of TRIUVA this past October and Sparinvest Property Investors in November.
“Rockspring has an outstanding track record and reputation for European property fund management and client services and is a perfect fit for Patrizia in terms of shared vision and culture and its focus on real estate business,” says Patrizia CEO Wolfgang Egger. “This acquisition represents an important milestone for Patrizia in achieving our vision to become a global provider of European real estate assets for our clients.”
Headquartered in London, Rockspring counts pension funds as 80% of its investor base, with Asian and North American institutions represented as well as those from Europe. It manages real estate investments primarily in the retail, office and industrial sectors out of seven offices in Europe, with retail representing more than half its portfolio. Rockspring's AUM is split between the UK and Ireland (35%), Germany (34%) and France (13%), with the remainder (19%) spread throughout the rest of Europe.
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Paul Bubny
Paul Bubny is managing editor of Real Estate Forum and GlobeSt.com. He has been reporting on business since 1988 and on commercial real estate since 2007. He is based at ALM Real Estate Media Group's offices in New York City.
