Patrizia Immobilien AG (P1Z), which led Germany’s biggest real-estate acquisition this year, agreed to buy U.K.-based Tamar Capital Group Ltd. for an undisclosed sum.
The deal gives Patrizia about 560 million pounds ($910 million) of commercial, retail and office real estate assets, the Augsburg, Germany-based company said in a statement today. London-based Tamar will become a wholly owned subsidiary of Patrizia starting in January.
Overseas buyers are investing in U.K. property as a weak pound, a reputation as a safe haven and returns that beat financing costs help make assets attractive. Tamar also operates in France, Ireland, Scandinavia, Germany and Belgium.
The purchase offers Patrizia “the possibility to strengthen its presence in various core European markets, especially in the U.K. and France,” the company said in the statement.
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