DGAP-News: PATRIZIA Immobilien AG / Key word(s): Real Estate/Contract
PATRIZIA Immobilien AG: PATRIZIA UK joint venture acquires EUR 285
million office and industrial business park
22.07.2013 / 08:27
---------------------------------------------------------------------
Acquisition of UK Business Park, IQ Winnersh
PATRIZIA UK joint venture acquires EUR 285 million office and industrial
business park
London/Augsburg, July 22, 2013. PATRIZIA Immobilien AG (ISIN DE000PAT1AG3)
together with its joint venture partner Oaktree Capital Management, L.P.
('Oaktree', and together, the 'JV'), announces the acquisition of IQ
Winnersh for EUR 285 million (GBP 245 million). The acquisition has been
undertaken through a new joint venture company, Winnersh Holdings LP, and
represents PATRIZIA UK's fourth UK real estate asset purchase with funds or
accounts managed by Oaktree in the past four months.
IQ Winnersh is a 1.27 million sq. ft. (c. 118,200 sqm) park comprising a
variety of uses, including office (new-build and second generation),
multi-let industrial and warehouse, data centre and retail. The park has
been developed over a period of 40 years and benefits from an on-site train
station, four-star hotel, conference space and retail amenities, as well as
being strategically located at junction 10 of the M4, near Reading, which
is one of the main motorways into London and Heathrow Airport. The park is
expected to benefit from Crossrail, a new East to West railway line across
London and the suburbs to be completed by 2015.
With a vacancy rate of 9.7 per cent, a weighted average unexpired lease
term of 8.3 years, and low average rents, the JV believes there are
opportunities to capitalize on the improving occupier sentiment currently
being witnessed in the UK through letting up vacant space, re-gearing
leases and financing the property soon after acquisition. Furthermore, the
sale also includes four hectares of adjacent development land, thereby
providing significant opportunities to add value over the long term through
developing new space to expand the tenant mix.
The park currently offers tenants accommodation for a range of different
uses and sizes, ensuring diversification of businesses operating on the
park. This flexibility also provides an environment in which companies can
comfortably expand and contract within the park, depending on the space
requirements of their businesses, over the long term.
Commenting on the transaction Rob Brook of PATRIZIA Immobilien AG said:
'This transaction meets the joint venture's investment strategy of
acquiring good quality assets in attractive segments of the market which
offer value-add opportunities. IQ Winnersh is a high quality and
significant asset located in the most dynamic market outside of Central
London. Furthermore, we believe we are entering a point in the cycle where
rental growth appears to be gaining momentum with an increase in occupier
activity, and so believe we can benefit from the property's existing
vacancy and re-gear opportunities to drive future income.'
David Snelgrove of Oaktree, added:
'IQ Winnersh is a unique business park with excellent transport links in
one of the most economically vibrant sub-markets of the UK outside of
Central London. The park provides current and prospective occupiers with a
broad range of space options which are complemented by a variety of high
quality amenities. We are excited by the longer term potential of this
asset.'
About PATRIZIA Immobilien AG
With around 600 employees, PATRIZIA Immobilien AG has been active on the
real estate market in over ten countries as both an investor and service
provider for nearly 30 years. PATRIZIA's range includes the purchase,
management, value increase and sale of residential and commercial real
estate. As a recognized business partner of large institutional investors,
the Company operates in Germany and other countries and covers the entire
value chain in the real estate industry. At present, the Company manages
real estate assets worth EUR 10 billion, primarily as co-investor and
portfolio manager for insurance companies, pension fund institutions,
sovereign wealth funds and savings banks. For additional information,
please visit www.patrizia.ag.
PATRIZIA Immobilien AG
PATRIZIA Bürohaus
Fuggerstrasse 26
86150 Augsburg
Germany
Listing: Frankfurt Official Market (Prime Standard)
ISIN: DE000PAT1AG3
SIN: PAT1AG
Contact
Investor Relations Press
Margit Miller Andreas Menke
Phone: +49 821 50910-369 Phone: +49 821 50910-655
presse@patrizia.ag
Verena Schopp de Alvarenga
Phone: +49 821 50910-351
investor.relations@patrizia.ag
End of Corporate News
---------------------------------------------------------------------
22.07.2013 Dissemination of a Corporate News, transmitted by DGAP - a
company of EQS Group AG.
The issuer is solely responsible for the content of this announcement.
DGAP's Distribution Services include Regulatory Announcements,
Financial/Corporate News and Press Releases.
Media archive at www.dgap-medientreff.de and www.dgap.de
---------------------------------------------------------------------
Language: English
Company: PATRIZIA Immobilien AG
FuggerstraÃe 26
86150 Augsburg
Germany
Phone: +49 (0)821 - 509 10-000
Fax: +49 (0)821 - 509 10-999
E-mail: investor.relations@patrizia.ag
Internet: www.patrizia.ag
ISIN: DE000PAT1AG3
WKN: PAT1AG
Indices: SDAX
Listed: Regulierter Markt in Frankfurt (Prime Standard);
Freiverkehr in Berlin, Düsseldorf, Hamburg, Hannover,
München, Stuttgart
End of News DGAP News-Service
---------------------------------------------------------------------
222165 22.07.2013
DGAP-News: PATRIZIA Immobilien AG: PATRIZIA UK joint venture acquires EUR 285 million office and industrial business park
| Source: EQS Group AG