18 September 2012

PATRIZIA Establishes New Subsidiary in Copenhagen, Denmark

18 September 2012 - PATRIZIA Immobilien AG is continuing its internationalization. Another subsidiary has been established abroad with PATRIZIA Nordics A/S in Denmark. "PATRIZIA currently manages real estate assets worth approximately EUR 7 billion, around a third of which is abroad," says Wolfgang Egger, CEO of PATRIZIA Immobilien AG. "With our new subsidiary in Copenhagen, we have laid another foundation stone on which to expand our involvement abroad. After Stockholm, Copenhagen is the second PATRIZIA location in the Nordic countries. 

Managing Director of PATRIZIA Nordics A/S is Rikke Lykke (40). She has held management positions in the Nordic real estate markets (Denmark, Norway, Sweden and Finland) for over ten years. For example, she was Managing Director of an asset management company and Director of Investments M&A at a real estate firm in Copenhagen. After studying economics, Lykke first worked as a consultant for McKinsey & Company in New York and Copenhagen. "We are delighted to have obtained such an experienced real estate expert for PATRIZIA in Rikke Lykke, who will be responsible for all our activities in the Nordic countries in future," emphasized Wolfgang Egger. 

PATRIZIA has so far invested nearly EUR 300 million in the Nordic markets alone via its funds. "To make the best possible use of the opportunities there, we must have our own employees on the ground. In this way, we are close to the real estate and close to the market," says Wolfgang Egger. "We are currently setting up a team there, and want to have grown to around ten local employees within the next year." 

However, the Nordic markets are not only attractive for real estate investments, but also for winning over new institutional investors. In the meantime, PATRIZIA has raised equity there that was invested in residential and commercial real estate in Germany in the order of around EUR 500 million. Egger explains: "The Nordic countries’ potential lies in their economic power and their stable legal systems. We are sure that we are only at the beginning of our journey here and can yet grow substantially in this market."