Patrizia Immobilien : acquires Apex House office complex in Edinburgh, UK for GBP 26...

• Prominently located in Haymarket - the gateway to the city's financial district
• Over 90,000 sq ft of well-let modern office space across three buildings
• Acquisition made on behalf of one of PATRIZIA's value-add funds

PATRIZIA Immobilien AG announces that it has acquired the Apex House office complex in Edinburgh, UK, from Catalyst Capital for a net price of GBP 26 million (around EUR 30 million). The acquisition was made on behalf of a value-add fund managed by PATRIZIA for a large German pension fund based in Northern Germany.

James Muir, PATRIZIA's Managing Director for the UK & Ireland, commented: 'The acquisition of Apex House presents an opportunity to invest in a value-add asset in a market with strong fundamentals. The UK economy remains resilient with good levels of GDP growth and consistently high levels of employment. In addition to this, Investor appetite for UK real estate has increased significantly following the aftermath of the Brexit vote. As a UK financial centre, Edinburgh is second only to London and the demand-supply imbalance in the city makes this acquisition a tremendous opportunity to deliver excellent value for our clients.'

Built in 1991, Apex House offers over 90,000 sq ft of space across three buildings, in addition to 136 parking spaces. The property is approximately 80 per cent occupied with an average remaining lease term of four years. The asset has benefited from significant investment and is designed to a high specification with tenants including Scottish Enterprise, Scottish Further and Higher Education Funding Council, Mazars LLP and Svenska Handlesbanken AB. Through active asset management and targeted refurbishment PATRIZIA will be able to take advantage of the tight market conditions in Edinburgh in leasing the remaining vacant space.

The property is strategically located in the city's Haymarket district, often referred to as the gateway to Edinburgh's financial district, and is one of the city's main areas of expansion. The area has benefited from significant public transport infrastructure upgrades over the past three years, including the redesign of Haymarket rail station and the completion of the Haymarket tram stop. Coupled with the existing bus network, Haymarket is now deemed a major transport hub and key office district.

PATRIZIA has broad experience in managing value-add funds with around EUR 7 billion of its assets under management considered value-add investments prior to the acquisition of Rockspring Property Investment Managers in December 2017. The addition of Rockspring, which is expected to close by the end of the first quarter of 2018, will add significant value-add capabilities to PATRIZIA. In addition, in October 2017 PATRIZIA won a EUR 200 million mandate for pan-European value-add investments.

PATRIZIA Immobilien AG:

PATRIZIA Immobilien AG has been active as an investment manager in the real estate market across Europe for more than 30 years. PATRIZIA's activities include the acquisition, management, repositioning and sale of residential and commercial real estate through its own licensed investment platforms. As a global provider of real estate investments in Europe, PATRIZIA operates as a respected business partner of large institutional investors and retail investors in all major European countries. On completing the takeovers of recently acquired real estate investment management companies PATRIZIA will manage almost EUR 40 billion of real estate assets, primarily as a portfolio manager for insurance companies, pension fund institutions, sovereign funds, savings and cooperative banks and as co-investor. For further information, please visit: www.patrizia.ag.