The transaction, once closed, will significantly increase PATRIZIA’s current residential AUM of €16billion.
The portfolio in Barcelona comprises 10 residential assets and consists of a mix of newly completed buildings and buildings that will be constructed during the course of this year, complete with additional services like gyms, co-working spaces, concierge, lounge areas and swimming pools.
With this latest strategic investment into Living Cities, the fund now has circa €1.5billion in equity and is targeting the growth milestone of a total of at least €2billion in equity in 2022. Furthermore, the fund has delivered strong returns this year for its clients which include pension funds and insurance companies from a mix of European, Middle Eastern and Asian economies.
Other recent acquisitions for Living Cities include a large student housing portfolio purchased in Denmark and a residential scheme in Ireland, totalling around 1,500 units, a Build-to-Rent scheme in Reading, in the UK, of 281 apartments, a 24-storey residential tower in Helsinki, Finland, as well as a residential development and a multi-family asset in Sweden.
