Patrizia German property investors have purchased UK investor Rockspring in a deal that boosts Patrizia holdings across Europe to around €40bn (£35bn) and gives it an instant London presence.
Rockspring has been seeking a backer to ensure the future growth of the business in the middles of concerns of economic and political changes in the UK. Rockspring have invested in UK and European offices and retail properties since 1984. They will continue to trade as normal, but access to Patrizia’s client base will give it more scope to invest its existing funds across Europe.
“Earlier this year a number of factors combined to make us realise it was the right time to start considering our future and prepare Rockspring for the next phase of its growth.” said Robert Gilchrist, chief executive of Rockspring.
He said Brexit, an uncertain political environment and changing regulations, as well as a strong real estate investment market, had led the management team to its decision.
The company has recently committed to developing the next phase of its Cambridge Research Park, as well as securing a let to John Lewis at one of its warehouse sites. It has also invested in a number of European cities, including buying an office building in Amsterdam last month.
Patrizia meanwhile will be able to access new investors through Rockspring’s London office.
Wolfgang Egger, chief executive of Patrizia, said the deal would allow the firm to “strengthen its market position significantly in its core European markets”.
“This acquisition represents an important milestone for Patrizia in achieving our vision to become a global provider of European real estate assets for our clients,” he added.