For the German management company, the divestment in these two assets is part of its logistic asset rotation strategy. The news was reported by Spanish newspaper El Economista this Tuesday. The German company, when contacted by Iberian Property, did not make any comments on the subject.
Patrizia’s last operation in Spain took place last December when it incorporated 11 logistic assets, spread across Madrid (6), Valencia (3), Barcelona (1) and Bilbao (1), into its portfolio. These assets were part of the mega-operation which involved the acquisition of a 42 asset pan-European portfolio, spread across 4 countries – besides Spain, 17 assets are located in France, 11 in Italy and 3 in the Netherlands. With this operation alone, the German company spent 1.2 billion euro, according to the release issued by the company at the time.
In the new year, Patrizia should continue investing in Spain and Portugal, spending between 300 and 500 million euro in new acquisitions. But this time, the German company’s focus will be mainly on retail (29%) and office (27%) assets, with the logistic segment representing only 19% of its investment. This strategy of acquiring assets should continue until 2022, when the management company, if it maintains this pace, should reach 1.500 million euro invested in Iberia.