shares of german realestate investment manager patrizia se slumped thursday a day after the company lowered its guidance for the year as a halt to planned realestate investments particularly in europe is expected to weigh on transaction fees contrary to previous assumptions patrizia no longer expects the geopolitical environment in europe to stabilize in the short term or market conditions  especially in the european real estate market  to materially improve in the fourth quarter the company said in a statement late wednesday shares in german realestate companies fell wednesday after ratings agency moodys cut the investment grade of vonovia se patrizia now expects assets under management to grow to a range between 57 billion euros and 58 billion euros 5596 billion5694 billion narrowing a previous forecast range of eur57 billion to eur60 billion andre remke analyst at baader helvea wrote in a note to clients that the speed and extent to which planned investments are put on hold has recently accelerated therefore the transaction fees forecast has to be lowered significantly earnings before interest taxes depreciation and amortization before reorganization expensesa key profitability metricshould come in between eur70 million and eur85 million down from previous forecasts of eur100 million to eur120 million patrizias new earnings target is significantly below consensus of roughly eur110 million mr remke said the company said ebitda for the first nine months came in at eur788 million but full results will be out on nov 9