Patrizia AG

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Patrizia AG

logo
legal form Corporation
ISIN DE000PAT1AG3
founding 1984
Seat Augsburg , GermanyGermanyGermany 
management
Number of employees 804
sales 398 million euros
Branch Real estate industry
Website www.patrizia.ag
As of May 18, 2020

The Patrizia AG (proper spelling PATRIZIA AG ), based in Augsburg is in the SDAX of the German Stock Exchange -listed global provider of real estate investments in Europe.

The company employed around 800 people at the end of 2019. The business activities include the purchase, administration, value optimization and sale of residential and commercial properties. Institutional investors are offered direct and indirect real estate investments in Germany and Europe. Since 2016, the company has also been offering funds for private investors through its subsidiary PATRIZIA GrundInvest. With the purchase of the GBW Group (today: Dawonia ) in April 2013, the real estate assets managed by Patrizia rose to over 12 billion euros. With the announcement of the takeover of Rockspring Property Investment Managers LLP, Triuva Kapitalverwaltungsgesellschaft mbH and the global fund of funds provider Sparinvest Property Investors (SPI) in the fourth quarter of 2017, Patrizia's real estate assets under management increased to 38.7 compared to 2016 Billion euros more than doubled. By the end of 2019, the assets under management had increased to 45 billion euros. The company is represented at five German locations and also has subsidiaries in Amsterdam , Brussels , Dublin , Copenhagen , London , Luxembourg , Madrid , Milan , Paris , Stockholm and Warsaw . In addition, there are five further locations in Hong Kong , Melbourne , New York City , Seoul and Tokyo , from which Patrizia looks after investors in North America and Asia. The company is thus active on four continents as an investor and service provider in the real estate market.

history

The company was founded in 1984 by Wolfgang Egger, who is still CEO. The focus was on Munich and Augsburg. Apartments in the Olympia-Pressestadt , company apartments of Bayer AG and other companies, as well as large rental apartment complexes in Perlach , Schwabing , Obergiesing and Augsburg were acquired and mostly sold to tenants.

After going public on March 31, 2006, Patrizia acquired apartments in metropolitan areas in several transactions and has since expanded its portfolio to around 13,000 apartments. At the same time, the company began to set up special funds for institutional investors. It also founded PATRoffice GmbH & Co. KG with two international pension funds, which invests in commercial real estate.

In 2011, Patrizia took over LB Immo Invest GmbH in Hamburg , which sets up special funds in the commercial property sector. In a co-investment with insurance companies and pension funds, LBBW Immobilien GmbH with approx. 21,500 apartments was acquired in mid-February 2012 for 1.435 billion euros .

In April 2013, a co-investment of pension funds, insurance companies and savings banks led by Patrizia was awarded 92% of the shares in GBW AG . This has a housing stock of around 32,000 apartments in Bavaria; the gross purchase price was 2.45 billion euros. In the same year, Patrizia took over the British Tamar Group.

In 2004, the BVV pension fund commissioned Patrizia with the administration and asset management of its property portfolio.

After integrating Rockspring, Triuva and Sparinvest, Patrizia acquired a strategic stake in Evana, an artificial intelligence company, in 2018. In January 2019, Patrizia announced the acquisition of the Japanese Kenzo Capital Corporation. Kenzo is a Japanese platform for European clients interested in investing in Japanese residential real estate.

In June 2019, Patrizia Immobilien AG changed its name to 'PATRIZIA AG' in accordance with a resolution by the Annual General Meeting.

In October 2019, Patrizia acquired a strategic stake in Cognotekt, a Cologne-based platform for artificial intelligence. In May 2019, Patrizia acquired a stake in Control.IT, an asset and portfolio management software company.

In late 2019, Patrizia entered into a strategic partnership with WiredScore, a global rating scheme for digital connectivity for commercial and residential real estate. In early 2020, Patrizia acquired BrickVest, a global digital investment platform founded in London in 2014. Since February 2020 Patrizia has been cooperating with the PropTech venture capital company Pi Labs. Patrizia participated in Pi Lab's third fund, which will invest in young PropTech startups across Europe.

criticism

In 1992 Der Spiegel reported that Wolfgang Egger had unsettled the residents of Rote-Torwall-Strasse 16 and Schülestrasse 4 in Augsburg with the statement "Every apartment that becomes vacant will be occupied by asylum seekers"; Egger denied this statement.

In 2004 there were lawsuits against the building permit with which the Patrizia had the Hamburg Schanzenturm converted into a Mövenpick hotel. The redesign later received two awards, including a 2008 MIPIM property fair award .

In the opinion of the Bavarian State Government , the Bayerische Landesbank had to sell a large part of its GBW real estate portfolio as a result of a regulatory decision by the European Union . As of April 2019, however, it is unclear whether this request from the European Union actually existed and whether the sale was even necessary. The question of whether the Free State could not have acted as a buyer directly remains unanswered. The responsible EU competition commissioner Margrethe Vestager said that "the GBW housing company was sold at BayernLB's request and the Free State of Bavaria could have bought the GBW housing company from the property of Bayerische Landesbank". In a private bidding process, Patrizia was subsequently awarded the contract, but had to submit to a “Social Charter XXL” promised by Finance Minister Söder to protect the tenants. Nevertheless, complaints about the conversion of rental apartments into condominiums, the resale of apartments to third parties or rent increases increased with tenants' associations in Bavaria. In 2013, both independent auditors and Günther Beckstein as ombudsman confirmed that the Social Charter was actually complied with . The effect of the said social charter is, however, controversial, also due to a court judgment.

Group structure

Headquarters of Patrizia Immobilien AG in Augsburg (2014)

As part of the integration of Rockspring, Triuva and Sparinvest under one brand in 2018, Patrizia changed its operating model to take into account the new pan-European structure. This divides the functions into global, pan-European and local units.

The company's founder, majority shareholder and CEO is Wolfgang Egger. Since August 2011, he has owned more than 51 percent of Patrizia's voting rights through his management company First Capital Partner . Other board members are Thomas Wels, Karim Bohn, Anne Kavanagh, Klaus Schmitt, Alexander Betz, Manuel Käsbauer and Simon Woolf. Theodor Seitz, Alfred Hoschek and Uwe H. Reuter sit on the supervisory board.

Non-profit foundation

In 1999 Wolfgang Egger founded the Patrizia Children Foundation (formerly Patrizia Kinderhaus-Stiftung ). The non-profit foundation based in Augsburg operates worldwide. The foundation's mission is to give children worldwide access to education. This is done by setting up schools, children's hospitals and children's homes. In 2019, in the anniversary year, the foundation was renamed the Patrizia Children Foundation. It maintains 18 children centers around the world, in which 220,000 children have so far received access to education, 20,000 children have received medical care and 200 children experience everyday life in safety or receive care in the foundation's children's homes. Further children centers are planned.

Web links

Commons : Patrizia Immobilien AG  - Collection of images, videos and audio files

Individual evidence

  1. ↑ a b Annual Report 2018 (PDF) PATRIZIA AG, accessed on June 11, 2019 .
  2. ↑ a b Annual Report 2019 , March 2019, accessed on May 18, 2020 (German).
  3. ↑ Speech by the Chairman of the Management Board at the Annual General Meeting on June 27, 2014. (PDF) Accessed on November 15, 2017 .
  4. ↑ Annual Report 2017 (PDF; 7.47 MB) PATRIZIA Immobilien AG, accessed on December 10, 2018 .
  5. ↑ Report 3M 2020. Accessed on May 18, 2020 .
  6. ↑ Patrizia share starts above issue price. In: Manager Magazin. September 7, 1992, accessed June 27, 2014 .
  7. ↑ milestones. (No longer available online.) Archived from the original on July 20, 2013 ; Retrieved June 13, 2013 .
  8. ↑ Patrizia Immobilien press release from February 14, 2012 ( Memento from June 19, 2013 in the web archive archive.today )
  9. ↑ Patrizia completes the mega real estate deal. Handelsblatt of April 8, 2013. Accessed June 13, 2013 .
  10. ↑ Patrizia Immobilien press release of April 24, 2013. (No longer available online.) Archived from the original on July 21, 2013 ; Retrieved June 13, 2013 .
  11. ↑ Artificial Intelligence: Participation. Retrieved June 11, 2019 .
  12. ↑ PATRIZIA expands its Asian network by acquiring the Japanese company KENZO Capital Corporation. Retrieved June 11, 2019 .
  13. ↑ PATRIZIA Immobilien AG is now called PATRIZIA AG. Retrieved February 27, 2020 .
  14. ↑ Patrizia AG invests in Cognotekt. Retrieved February 27, 2020 .
  15. ↑ KGAL and PATRIZIA acquire equity interest in control.IT, existing investor HIH Real Estate keeps pace. Retrieved February 27, 2020 .
  16. ↑ IPE staff: British Land and Patrizia back proptech firm WiredScore. Retrieved February 27, 2020 (English).
  17. ^ Richard Lowe: Patrizia acquires real estate crowdfunding platform BrickVest. Retrieved February 27, 2020 (English).
  18. ↑ PATRIZIA partners with leading European PropTech VC firm. Retrieved February 27, 2020 .
  19. ↑ a b "There used to be a sea of ​​flowers here" - How old buildings in Augsburg are de-rented with the help of asylum seekers . In: Der Spiegel . No.  37 , 1992 ( online ).
  20. ↑ Dispute over GBW sale continues after EU statement. In: Welt Online . June 19, 2018, accessed April 8, 2019 .
  21. ↑ Klaus Ott: Söder is still in distress . In: Süddeutsche . July 16, 2018, ISSN  0174-4917 ( sueddeutsche.de [accessed April 8, 2019]).
  22. ↑ Walter Gröh: The privatization of GBW. Retrieved April 8, 2019 .
  23. ^ Jürgen Umlauft: Questionable Social Charter . In: Bayerische Staatszeitung , April 4, 2014
  24. ^ GBW Group Social Charter. Retrieved October 28, 2015 .
  25. ^ Klaus Ott: Critique of the GBW Social Charter . In: sueddeutsche.de . September 6, 2018, ISSN  0174-4917 ( sueddeutsche.de [accessed April 8, 2019]).
  26. ^ Company boss Egger takes over majority of shares. Wirtschaftswoche, August 26, 2011. Retrieved June 13, 2013 .
  27. ↑ Our management team. In: Patrizia.ag. Retrieved March 13, 2020 .
  28. ↑ Half-yearly financial report January to June 2015. (PDF; 493 kB) PATRIZIA Immobilien AG, archived from the original on September 24, 2015 ; accessed on August 10, 2015 .

Coordinates: 48 ° 22 ′ 10.7 ″  N , 10 ° 53 ′ 35.9 ″  E