Patrizia Immobilien has acquired LB Immo Invest, the Hamburg-based real estate investment company that launches special funds. It was sold by HSH Real Estate, a subsidiary of HSH Nordbank AG. The parties agreed not to disclose the purchase price. 'We are significantly expanding our service business with this acquisition and have increased our assets under management to over EUR 5 bn,' said Patrizia CEO Wolfgang Egger.
Patrizia Immobilien has acquired LB Immo Invest, the Hamburg-based real estate investment company that launches special funds. It was sold by HSH Real Estate, a subsidiary of HSH Nordbank AG. The parties agreed not to disclose the purchase price. 'We are significantly expanding our service business with this acquisition and have increased our assets under management to over EUR 5 bn,' said Patrizia CEO Wolfgang Egger.
LB Immo Invest was founded in 2001 and today employs 49 people. It initiates modular, individual and label funds for institutional investors. Its current subscribed equity amounts to around EUR 2 bn. Although the funds predominantly invest in office and retail real estate, the portfolio of approximately 180 properties also includes care facilities, hotels and apartments. In addition to its main location of Germany, LB Immo Invest also has investments in France, the UK, the US, Scandinavia, the CEE and Benelux countries. The institutional investors that make up its customer group primarily include savings banks, insurance companies and pension funds.
