Patrizia Immobilien AG

Patrizia, based in Augsburg, is a real-estate investment manager that buys, develops and manages residential and commercial property on behalf of institutional clients such as pension funds and insurers across Europe, rather than owning a large portfolio itself. Its income comes mainly from management fees, which makes it more of an asset manager than a traditional landlord. Patrizia has paid a dividend for years, but higher interest rates and a weaker property market have squeezed the fee income that funds it, pressuring the payout. A modest, variable yield defines its profile, dependent on a recovery in real-estate transaction activity and fundraising.