New York-listed global investment manager BlackRock has completed the acquisition of MGPA, an independently-managed private equity real estate investment advisory company in Asia-Pacific and Europe, creating a combined $23.5 bn global real estate investment platform.
New York-listed global investment manager BlackRock has completed the acquisition of MGPA, an independently-managed private equity real estate investment advisory company in Asia-Pacific and Europe, creating a combined $23.5 bn global real estate investment platform.
Blackrock first announced in May that it was in the process of buying MGPA, creating a platform of over 400 on-the-ground real estate professionals, in 18 offices across 13 countries. Financial terms of the deal were not disclosed.
The new combine will operate under the BlackRock name.
'This transaction shows our commitment to offer investors access to the most attractive markets Worldwide,' said Jack Chandler, BlackRock’s Global head of Real Estate.
Blackrock said MGPA adds extensive Asian and European capabilities to BlackRock’s strong US and UK real estate investment presence with investment teams in the world’s top six markets, which represent 75% of the commercial real estate investable 'universe'. 'MGPA’s offerings complement BlackRock’s existing real estate investment solutions, with virtually no overlap of products,' the US-based group said.
MGPA is focused on real estate funds management, co-investments and separate account mandates for institutional investors, offering products across the risk/return spectrum, including development, and had $12 bn in AUM at end-March 2013.
Simon Treacy, Global Chief Investment Officer for BlackRock Real Estate and former group CEO for MGPA, added, 'Combining with BlackRock will provide many benefits for our clients and staff as we are joining a firm with a deep fiduciary culture, unrivalled risk management capabilities, and the same commitment we have to delivering superior investment performance.'
