Patrizia to invest €500 million in Portugal and Spain in 2020
The German real estate investor Patrizia has between €300 million and €500 million to invest in Portugal and Spain in 2020.
According to the Spanish news source Expansión, the company plans to maintain its rate of investment over the next three years with a focus on the office, residential and logistics markets.
“Our plans are not just to grow for the sake of it, but to create the greatest possible value for our investors,” says Eduardo de Rosa, the new Managing Director of Patrizia for the Iberian market.
“The segments in which we intend to focus in the next few months are offices, residential and logistics without ruling out other types of asset class that might bring potential opportunities,” he continued.
The company’s portfolio — it buys assets to make returns for investment funds — is divided into retail assets (29%), offices (27%), logistics (19%), residential (12%) and hotels (12%). Over the past 12 months Patrizia has invested €310 million on the Iberian Peninsula on a total of 30 properties.
The purchase of a block in Lisbon’s Cais do Sodré stands out from among these purchases which was bought in July for around €28 million. The property will br turned into a four or five star hotel with more than 100 rooms.
German property companies have shown an increased appetite for Portuguese assets this year. AM Alpha bought the Barreiro shopping centre BPlanet for €55 million over the summer in what had been its second acquisition in Portugal. In 2018 it bought the headquarters of Mapfre in Lisbon for €17 million.