American asset management firm BlackRock has agreed to acquire MGPA, an independently-managed private equity real estate investment advisory company in Asia-Pacific and Europe, for an undisclosed sum.
MGPA, which has 13 offices in Asia Pacific and Europe, had $12 billion in asset under management (AUM) as of 31 March 2013. It manages real-estate funds and separately managed accounts for institutional investors.
Go deeper with GlobalData
Access deeper industry intelligence
Experience unmatched clarity with a single platform that combines unique data, AI, and human expertise.
BlackRock said that there is ‘virtually no’ overlap of people or products within the two businesses.
The asset manager added that the planned deal will swell its real estate AUM to $25 billion, and give it investment teams in the world’s top six markets, which represent 75% of the commercial real estate investable universe.
"Today’s agreement advances BlackRock’s growth strategy in Asia-Pacific and Europe, where we are seeking to enhance our local offerings and build on the firm’s real estate experience," said Jack Chandler, global head of real estate for BlackRock.
"It further strengthens our ability to offer clients an unrivaled set of solutions to the challenges of a low-return, high volatility environment, including access to MGPA’s top-performing investment teams and exceptional capabilities in key markets," Chandler added.
US Tariffs are shifting - will you react or anticipate?
Don’t let policy changes catch you off guard. Stay proactive with real-time data and expert analysis.
By GlobalDataThe transaction is expected to close in the third quarter of 2013, subject to customary regulatory approvals and closing conditions. The financial impact of the transaction is not material to BlackRock earnings per share. Terms were not disclosed. MGPA was advised by Berkshire Capital Securities LLC.
