Patrizia has streamlined its property management advisers across its UK and European real estate portfolio, picking three strategic partners, as part of a wider re-organisation of its business, CoStar News can reveal.
The European investment and asset management has typically been working with around 50 different advisers as property asset managers across its real estate assets under management. It has around 1,400 properties it manages across the UK and Europe.
Patrizia has now picked three strategic partners to carry out the core of its property management work. They are Aploena in Germany, and Cushman & Wakefield and Savills in Europe excluding Germany. The group will still employ other companies on a case-by-case basis.
The move forms part of a wider streamlining of its business operations, including a consolidated investment management system. It also reflects a desire to improve and streamline its use of data, technology and digital infrastructure improvements.
In February, to strengthen its presence in strategic European markets, Patrizia re-organised to reflect an integrated investment management model. As part of the model, Patrizia has introduced Regional Leaders in each country, integrating asset management, development and transactions with close interaction with funds. In parallel, European sector specialists operate with what it terms a "matrix approach", helping to channel investment opportunities across countries and strategies.
The business has created a new investment management platform for its real estate business, promoting Christie Wright and Emile Poort to co-leads.
Wright and Poort share responsibilities for investment performance and sector specialism.
Germany investment manager Patrizia manages over €56 billion in real assets globally and 18 million square metres, including approximately €5.3 billion across the UK.
In July it appointed appointed Ker Gilchrist, the well-known UK real estate investor, as head of investment management UK.
Speaking at the Expo Real real estate conference in Munich to CoStar News, Christie Wright said: "We are seeing the benefits of our new operating model already. The sector focus means we can take learnings in the Netherlands for instance and apply that to projects in Spain. It is bringing benefits to performance and returns. But also to our team who are experiencing and seeing the benefits of investment across the entire life cycle of assets."