Two French private investors Francis Louvard and Gregory Ingram have agreed to acquire 90% shares in German real estate asset manager KGAL from its shareholders including, Bayerische Landesbank, Commerzbank, HASPA Finanzholding and Sal Oppenheim.
As part of the deal, the new partners will support KGAL’s long-term strategy as an investment manager for institutional investors, focusing on real estate, infrastructure and aeroplanes.
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According to KGAL, its existing shareholders have sold almost all of the shares to private investors and are committed with approximately 10% of the share.
The acquisition will see the Georg Reul stepping down from his role at KGAL as management board chairman. However, Reul’s responsibilities will be taken over for the time being by Kurt Holderer, currently CFO of KGAL.
The KGAL Group had around 25.1 billion in assets under management at end of 2012.
The deal is subject to regulatory approval.
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