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Patrizia raises €182M in 1st closing of €900M value-add fund

Patrizia Multi Managers AS closed the first round of fundraising for the fifth and latest of a global value-add fund series, raising €182 million of the €900 million hard cap target, PERE News reported.

A group of pension funds from Denmark invested in PMM Global V, with repeat investor PKA committing €125 million, according to the Sept. 10 report. Investors close to Patrizia Immobilien AG, the owner of the global real estate fund of funds investment manager, are expected to participate in the next round of funding.

Patrizia Immobilien flagged the fund's first close Sept. 4 and said in a release that its target was roughly €700 million.

PMM Managing Director and Group Head Funds of Funds Mads Rude was quoted in the PERE News report as saying the new fund is expected to invest in 18 to 20 assets, in line with the 19 investments that its predecessor fund has made. The 12-year fund will target a loan-to-value ratio of 50% when committing to investments.

The PMM Global series of property funds scout for multisectoral investment opportunities in the Americas, Asia and Europe. The first of the funds closed in 2006 with €480 million, and the fourth fund had its final close in mid-2016 with €505 million in total commitments.

Real estate company Patrizia Immobilien bought and renamed Patrizia Multi Managers from Sparinvest Property Investors in October 2017 and earlier this year, respectively.