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April 5, 2019

Fiera buys 80% stake in real estate investment manager Palmer Capital

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.

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.

The 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.

 

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