Triuva had AUM of approximately €9.8 billion, meaning the deal, for an undisclosed price, places Patrizia in the top 10 European investment managers.
The acquisition is intended to strengthen Patrizia’s market network, while broadening its product range. Patrizia will take on Triuva’s 40 funds, 80 institutional investors and 200 employees across 15 European markets.
Triuva owns 270 properties in the office, retail, logistics and infrastructure sectors.
The deal comes as Patrizia announced it was going to increase its profit guidance for the year, after an active first nine months of 2017.
The firm will raise its projected operating income to over €75 million, up from its previous guidance of €60 million to €70 million, having achieved an income of €46.6 million in the first nine months of the year, a 6.1 percent increase on the same period in 2016.
Wolfgang Egger, CEO of Patrizia, said: “This acquisition is a perfect fit for our growth strategy. It will strengthen our European network, expand our market presence and broaden the range of products and services for our clients. We will also consolidate our position as the leading independent real estate investment manager in Europe.”
He added: “This acquisition increases the stability of Patrizia’s business model through greater diversification and by ensuring an even greater share of our revenue comes from recurring asset management fees.”