Patrizia Immobilien has signed a co-investment agreement with Dutch pension fund ABP and Denmark's ATP Real Estate to spend as much as EUR 700 mln primarily on commercial real estate in Germany. The vehicle will be called Patroffice & Co. The German property investor said it will also handle all purchasing activities and manage the asset portfolio.
The Grand Hotel Imperiale in Forte dei Marmi, Italy has been sold to UAE-based real estate company Emaar Properties, owner of renowned buildings such as the Burj Khalifa and the Dubai Mall.
