Global investment manager Schroders has extended its real estate business with the acquisition of Algonquin, a hotels investor with €1.8bn assets.

Schroders, which manages around €14.9bn of real estate assets, said it will buy the specialist pan-European hotels investment and management firm for an undisclosed sum.

Founded in 1998, Algonquin, currently manages assets across Europe, comprising more than 7,500 hotel rooms.

The deal includes Schroders acquiring various co-investments alongside Algonquin’s existing clients.

Duncan Owen, the global head of real estate at Schroders, said: “This acquisition complements Schroder Real Estate’s existing focus in sectors including offices, retail, logistics, self-storage and large multiple use sites.

“Our strategy has been to concentrate on what we define as winning cities which benefit from key structural themes of urbanisation, changing demographics, technological innovation, the shifting demand from Asia and strong infrastructure.

Schroders said the acquisition is a significant step in the growth of its private assets and alternatives business.

 

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