Bo Jensen, the man who led international private real estate multi-manger Sparinvest Property Investors, has stepped down from the role following the Copenhagen-based firm’s sale to Augsberg-based real estate investment management firm Patrizia Immobilien.
Patrizia said in an announcement Jensen was departing the firm because of “health issues,” but that he would remain associated in an advisory capacity and would retain a position on its board.
After leading the €1 billion platform since its formation in 2005 he handed over the reins to Mads Rude, one of Sparinvest’s senior partners at the turn of the year, Patrizia said. Rude was previously the platform’s head of investments in Europe, for which a search for a replacement has now begun.
The other senior leaders are Kresten Dahl Juelner, head of investments for the Americas; Marko Multas, head of investments in Asia; and Mads Peter Gronkjaer, head of finance.
Patrizia, which doubled its assets under management to around €40 billion through a series of corporate acquisitions, including that of Sparinvest in October, also said it had rebranded the platform to Patrizia Multi Managers.
The rebranding is part of an expected wider ongoing branding exercise designed to coincide with the completion of the firm’s other corporate acquisitions. Beside
s Sparinvest, Patrizia also purchased London-based private equity real estate firm Rockspring Property Investment Managers and German real estate investment manager Triuva last year.
At the point of purchase, Patrizia Multi Managers was investing the fourth in a series of Europe and Asia focused multi-manager investment funds, Sparinvest Property Fund IV, for which it raised €505 million of equity from investors and held a final closing in May 2016. Traditionally a funds of funds series, the latest fund saw the platform break into making more direct, programmatic investments also alongside operating partners via club and joint ventures. PERE understands that with 16 investments made, it is now approximately 70 percent invested. A further three investments are thought to be close to being made.