PATRIZIA acquires infrastructure specialist Whitehelm Capital

European real assets manager PATRIZIA agreed to acquire infrastructure manager Whitehelm Capital for €67 million ($80 million) in cash and shares, a spokesman confirmed.

With the acquisition, which is expected to close in the first quarter of 2022, PATRIZIA will add €3.2 billion in infrastructure AUM to its €1.5 billion infrastructure portfolio and boost its €48 billion in assets under management overall.

The transaction will broaden PATRIZIA's investments to include themes such as digital infrastructure, energy transition, water and environmental services, and social infrastructure.

For example, Whitehelm manages Smart City Infrastructure Fund, which was seeded with €750 million by APG Asset Management, the in-house manager of the €523 billion ABP, Heerlen, Netherlands.

Whitehelm's acquisition will also add €1.6 billion in additional commitments to PATRIZIA's portfolio as well as help the firm expand its footprint in Asia-Pacific by adding €22 billion in funds under advisement for institutional, government, and private clients in Australia.

The spokesman added PATRIZIA is planning to grow its assets by 15% per year over the next three to five years through a mix of organic growth and mergers and acquisitions. Within that, the firm intends to grow its infrastructure assets under management to between €15 billion and €20 billion.

"Whitehelm and PATRIZIA also represent a perfect cultural fit. We both put clients first to provide superior services. We both have a strong track record as independent investment managers being close to our clients and creating value for them. And we share a clear commitment to sustainability and making an impact," Wolfgang Egger, CEO and founder of PATRIZIA, said in the release.

Graham Matthews, CEO of Whitehelm, added in the release: "It was absolutely essential for us to find the right partner who brings clear additional value to our clients, embraces long-term thinking and has a strong track record in the industry. So, we are really excited about partnering with PATRIZIA as they are a perfect cultural and strategic fit for us."