Schroders Capital has agreed to buy Dutch real estate fund and asset management business Cairn Real Estate in a bid to bolster its real estate investment capabilities.

The firm is purchasing Cairn from the German investment management group MPC Capital. Financial terms of the deal were not disclosed.

Founded in 2006, Cairn manages €1.3bn in assets on behalf of institutional, family office and private equity investors.

The firm has a team of 26 employees, who are led by co-heads Pieter Akkerman, Maarten Briët and Sven van Loon.

The Amsterdam-headquartered firm has a satellite office in Haarlem.

The deal is expected to help Schroders Capital to boost its client offering in a key European growth market.

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Schroders Capital global head of Real Estate Sophie Oosterom said: “This new partnership is an excellent fit with our existing business.

“There is a strong cultural alignment with Cairn, sharing Schroders Capital’s key focus on operational excellence, delivering long term sustainable outperformance for clients with a fully integrated approach to ESG into its investment process.”

Schroders head of Benelux Pieter Dalderop added: “This acquisition delivers a local presence and on the ground investment expertise to support our focus on working in partnership with our clients and investor base to offer market-leading real estate investment solutions.”

Subject to regulatory approval, the deal will close in the first quarter of next year.

In March this year, Schroders purchased the remaining minority stake in wealth management firm Benchmark Capital.