Patrizia expands its infrastructure business with the acquisition of Whitehelm Capital.
The real estate asset manager is paying an initial amount of 67 million euros to buy Whitehelm, in a deal that triples Patrizia’s infrastructure assets under management to 5 billion euros. All in all, Patrizia expects to pay “a small triple-digit amount” once Whitehelm achieves certain medium-term goals.
The acquisition strengthens Patrizia’s presence in the Asia-Pacific region and North America, where a Whitehelm fund backed by Dutch pension fund APG is working with SiFi Networks to deploy fiber optic networks in US cities.
Patrizia said the acquisition is also accelerating the execution of its sustainability strategy to achieve net zero carbon emissions for more than 70% of assets under management by 2040.
Whitehelm manages € 3.2 billion in assets under management with € 1.6 billion in additional commitments and has over € 22 billion in funds under advice for institutional, government and private clients in Australia .
Patrizia, who started out as a German residential specialist, has grown in recent years from a diversified pan-European institutional investment manager to a EUR 48 billion global real asset manager.
Patrizia has announced its intention to increase its infrastructure business in the medium term to 15 to 20 billion euros.
Wolfgang Egger, CEO and Founder of Patrizia, said: “The combination of our strengths, expertise and global footprint are highly complementary and will allow us to create many more investment choices for our clients.
This acquisition represents a key step in strengthening Patrizia’s offering as a partner for global real estate assets, said Egger.
Thomas Wels, Co-CEO of Patrizia, said: “Whitehelm is a perfect strategic partner for Patrizia. With this transformational acquisition that significantly expands our infrastructure expertise, we are taking us to the next level as a global partner for real assets.
“And we are strengthening our footprint in APAC to support our growth opportunities in the region. “
Graham Matthews, CEO and Founding Shareholder of Whitehelm Capital, said: “Patrizia will allow us to expand our customer base in Europe and provide attractive infrastructure investment opportunities to the broad base of international institutional and private investors from Patrizia.
“The combination of our expertise, our portfolio offering and our global footprint will bring many attractive long-term investment opportunities to all of our stakeholders. “
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