Infrared Capital Partners has confirmed that it plans to exit the real estate business following a strategic review of the business.
The company, which has been majority owned by Sun Life since mid last year, announced at the time that it would review its real estate investment management business to ‘determine its long-term evolution’.
‘Our detailed assessments concluded that our European real estate investment management business would be best served independently,’ an Infrared spokesperson told PropertyEU.
The company is currently ‘in discussions with prospective partners’ but has no further comment at this time.
Headquartered in London, InfraRed is a global infrastructure and real estate manager and is part of SLC Management, Sun Life's alternatives asset management business.
In the context of SLC’s ownership of BentallGreenOak (BGO) – another major real estate investment management business, Infrared has also decided to transfer its Asian real estate business to BGO, who has an existing presence across Asia. ‘This internal reorganisation within SLC group companies is fully supported by our JV partner, Vervain,’ the spokesperson said.
‘The transition into BGO’s larger Asian real estate platform ensures continuity and stability to the benefit of all stakeholders, with BGO seeking to grow the business with added products and initiatives over time,’ he noted.
The transaction is expected to complete in May.
