PAMERA increases AUM to over EUR600m
The real estate multi-family office PAMERA Real Estate Partners (PAMERA) increased its assets under management by over EUR100 million in 2019 to more than EUR600 million.
The firm now manages a total of 34 properties, mainly in the office, residential and hotel use classes, in 15 different locations in Germany. The assets have a combined lettable area exceeding 130,000 square metres.
In the wake of purchases in Potsdam and Hamburg, two additional residential complexes in Leipzig were acquired in December 2019. The buildings in the Probstheida district, in the southeast of the city, provide 36 apartments. Constructed in 2000 and 2019, they have a total lettable area of just under 3,000 square metres. The vendor was Unterplan Baubetreuung GmbH. The transactions were brokered by BNP Paribas Real Estate.
In accordance with the corporate plans for 2019, there was a further increase in the proportion of mezzanine project investments. For example, PAMERA allocated mezzanine finance running into double-digit millions, for projects with a total volume in excess of EUR100 million. These included financing a 25,000 square metre office development in Regensburg, involving the construction of an administration building for a major DAX-listed company.
Christoph Zapp, founder and managing partner of PAMERA, says: "We are planning further acquisitions of residential complexes, with a volume of up to EUR80 million, and up to EUR200 million in the office sector. We will also further expand our activities in the area of development joint-ventures, primarily focussing on the office and hotel sectors. Due diligence on the purchase of appropriate properties and projects is already in progress.