Financial details were not disclosed.

The deal includes ownership of the Tokyo-based real estate advisory and asset management firm, as well as the fund management and placement activities of Kenzo Japan Real Estate.

According to Patrizia, the transaction allows the firm to further grow its international network and offer European investment opportunities to a broader range of global clients.

'The acquisition of Kenzo is a continuation of the cooperation we have with them and is an opportunity for us to further grow our global network,' said Wolfgang Egger, CEO of Patrizia.

'This acquisition offers ‘two-way’ benefits for many of our clients as well as new ones. Crucially, it secures a platform that will allow us to continue our drive to help deploy Asian capital in the European markets we have been actively investing in for almost four decades.'

Kenzo Capital Corporation was founded in 2008 by Dr Leonard Meyer zu Brickwedde. The platform serves European clients interested in investing in Japanese residential real estate through a dedicated fund which was launched in 2017 in cooperation with Patrizia.

Meyer zu Brickwedde previously headed the Tokyo branch of what is now UniCredit.

'Kenzo has successfully established itself as a trusted partner in the Japanese real estate market. In Patrizia we have found the right partner to enable Japanese institutional investors, with whom we have longstanding relationships, to invest in European real estate,' said Meyer zu Brickwedde, president and CEO of Kenzo.

Patrizia said it has raised approximately €3 bn in equity over the past few years from Asian investors. The firm now has 24 offices globally, including client relationship hubs in Japan, Hong Kong, South Korea, Australia, and the US, as well as across Europe.