Canadian asset manager Fiera Capital has closed the purchase of an 80% stake in British real estate investment manager Palmer Capital Partners.
Palmer’s shareholders will continue to hold the remaining stake.
Go deeper with GlobalData
The acquired stake has an equity value and enterprise value of £40m and £30m, respectively.
Under the agreement, a total of £10m was paid through the issuance of 1,430,036 Class A Fiera shares.
The deal was executed through Fiera’s real estate investment platform Fiera Properties.
The platform tends to institutional investors, foundation and endowment clients, as well as HNWIs.
How well do you really know your competitors?
Access the most comprehensive Company Profiles on the market, powered by GlobalData. Save hours of research. Gain competitive edge.
Thank you!
Your download email will arrive shortly
Not ready to buy yet? Download a free sample
We are confident about the unique quality of our Company Profiles. However, we want you to make the most beneficial decision for your business, so we offer a free sample that you can download by submitting the below form
By GlobalDataThe transaction is Fiera’s first purchase of a real estate investment manager outside Canada.
Fiera expects the deal to be immediately accretive.
Palmer will now operate as the UK unit of Fiera Properties.
However, Palmer will retain its operational independence.
The company’s founder Ray Palmer will remain with the business as executive chairman.
Its CEO Alex Price will be responsible for the day to day operations.
Palmer oversaw over £800m in assets at the end of December 2018.
Besides, it managed another £260m through the joint ventures of eight regional property firms where it holds a minority stake.
Recent acquisitions by Fiera:
The latest deal is Fiera’s second one in the UK.
Earlier, the firm bought British fund manager Charlemagne Capital.
Besides, last March, Fiera announced the purchase of Clearwater Capital Partners, a Hong Kong-based asset management firm.
Fiera also snapped up Canada’s CGOV Asset Management in March 2018.
Last month, Fiera announced the acquisition of Canada’s Integrated Asset Management.
