German Patrizia buys Japanese Kenzo Capital

German property investment manager Patrizia Immobilien has acquired Japanese real estate firm Kenzo Capital Corporation to strengthen its footprint across Asia-Pacific.

The deal includes Kenzo Capital’s Tokyo-based real estate advisory and asset management businesses, plus the fund management and placement activities of Kenzo Japan Real Estate, according to a Patrizia announcement.

The move provides the German firm, which has about €40bn of assets under management, with a platform for Japanese institutions that want to invest in Europe, as well as a team on the ground in Japan.

The acquisition builds on an existing relationship between the two companies, having launched a fund together in 2017.

 “The acquisition of Kenzo is a continuation of the cooperation we have with them and is an opportunity for us to further grow our global network,” said Patrizia CEO Wolfgang Egger.

“Crucially, it secures a platform that will allow us to continue our drive to help deploy Asian capital in the European markets we have been actively investing in for almost four decades.”

Patrizia has raised about €3bn in equity from Asian investors over the past few years, and expects to increase its business in the region as a result of the deal.

The acquisition adds to the company’s existing APAC presence, with offices in Hong Kong, Seoul and Melbourne.

Established in 2008, Kenzo Capital has focused on serving foreign investors, particularly European clients.

Based in Augsburg, Patrizia is an investment manager for insurance companies, pension fund institutions, sovereign funds, savings and cooperative banks and as co-investor.

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