Patrizia Immobilien, a German real estate investment manager, has agreed to acquire a London-based counterpart Rockspring Property Investment Managers for an undisclosed sum.
Rockspring focuses on the acquisition and management of commercial property across UK and continental Europe. The firm has over 120 institutional investors as clients across 20 countries.
It also has fund brands such as Rockspring TransEuropean, Rockspring PanEuropean and Rockspring Hanover, all of which will retain their existing forms following the acquisition.
Patrizia CEO Wolfgang Egger said: “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.”
The deal, expected to be completed in the first quarter of 2018, will boost Patrizia’s assets to €40bn. Patrizia expects the deal to be earnings accretive in the acquisition year.
“The clients of PATRIZIA and Rockspring will benefit from access to a stronger independent platform which will offer broader access to markets and products while Patrizia will strengthen its market position significantly in its core European markets. Moreover the global client base is complementary and will allow both sides to profit from long-lasting trusted relationships which have been built on long-term performance,” Egger added.