DGAP-News

PATRIZIA Immobilien AG: PATRIZIA Restructures to Deal with Increasing Internationalization

DGAP-News: PATRIZIA Immobilien AG / Key word(s): Strategic Company
Decision/Real Estate
PATRIZIA Immobilien AG: PATRIZIA Restructures to Deal with Increasing
Internationalization

25.02.2013 / 17:41

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PATRIZIA Restructures to Deal with Increasing Internationalization

  - Restructuring concentrates functions in individual local companies

  - New corporate structure implements AIFM Directive

Augsburg, February 25, 2013. PATRIZIA Immobilien AG (ISIN DE000PAT1AG3) is
adopting a new organizational structure to meet the challenge of the
increasing internationalization of its business activities with immediate
effect. The new structure calls for individual national companies under the
umbrella of the holding that will perform their operating activities
locally following the principle of ´all business is local´.

Six operational subsidiaries, PATRIZIA Acquisition & Consulting GmbH,
PATRIZIA Alternative Investments GmbH, PATRIZIA Immobilienmanagement GmbH,
PATRIZIA Investmentmanagement GmbH, PATRIZIA Projektentwicklung GmbH,
PATRIZIA Sales GmbH and PATRIZIA Wohnen GmbH, will all be merged into
PATRIZIA Deutschland GmbH. Functions similar in nature will be combined
into a single unit, each one under the responsibility of a managing
director. On the lines of this model, the organization will also include a
PATRIZIA Luxembourg, a PATRIZIA Nordics, a PATRIZIA UK, and so on. Staff
and cross-divisional functions will continue to be located with the holding
company but will be transferred to the local companies or set up there
where necessary. In addition to this, the two asset management companies
PATRIZIA GewerbeInvest KAG mbH und PATRIZIA WohnInvest KAG mbH will
continue to be managed as independent entities.

Besides our growth strategy and our European expansion, the new corporate
structure takes full account of the anticipated changes that will result
from the implementation of the AIFM Directive in German law.

Consequences for Financial Reporting

On the one hand, PATRIZIA invests its own capital in real estate as an
investor or co-investor, and on the other hand we provide all services
associated with real estate and support the entire value chain for
residential and commercial properties in Germany and Europe. From now on it
is planned for the reporting units to primarily reflect whether PATRIZIA
acts as an investor or service provider, resulting in the two new segments
´Investments´ and ´Services´. In a second step, the segments will be
subdivided according to the amount of PATRIZIA´s shareholding, i.e. the
proportion of the equity invested by PATRIZIA expressed as a percentage
between 0 and 100%. This will differentiate between own investments,