Corporate | 25 February 2013 17:41
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PATRIZIA Immobilien AG / Key word(s): Strategic Company Decision/Real Estate
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, co-investments and business with external third parties. The segment Corporate/Consolidation will remain where consolidation effects and PATRIZIA Immobilien AG are reported. It is planned to adapt financial reporting to reflect the new segments with the report for the first half of 2013 following implementation of the new corporate structure, which should be concluded by mid-2013. The Managing Board Augsburg, February 25, 2013
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| Language: | English | |
| Company: | PATRIZIA Immobilien AG | |
| Fuggerstraße 26 | ||
| 86150 Augsburg | ||
| Germany | ||
| Phone: | +49 (0)821 – 509 10-000 | |
| Fax: | +49 (0)821 – 509 10-999 | |
| E-mail: | investor.relations@patrizia.ag | |
| Internet: | www.patrizia.ag | |
| ISIN: | DE000PAT1AG3 | |
| WKN: | PAT1AG | |
| Indices: | SDAX | |
| Listed: | Regulierter Markt in Frankfurt (Prime Standard); Freiverkehr in Berlin, Düsseldorf, Hamburg, Hannover, München, Stuttgart | |
| End of News | DGAP News-Service |
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