German fund manager Institutional Investment Partners has announced plans to merge with accounting services group Acb in a move which would create a roughly EUR 8 bn platform for institutional real estate investors. The financial details of the operation were not disclosed.
German fund manager Institutional Investment Partners has announced plans to merge with accounting services group Acb in a move which would create a roughly EUR 8 bn platform for institutional real estate investors. The financial details of the operation were not disclosed.
The companies said the new combine will be called Institutional Investment Group, and will have over 60 employees in offices in Frankfurt, Wiesbaden, Luxembourg and Munich.
'Through the establishment of Institutional Investment Group that combines all activities of Institutional Investment Partners and Acb under one single roof, both companies intensify their long time and successful partnership and thus achieve a new dimension of quality for institutional real estate investors,' the partners said.
Institutional Investment Partners currently manages four investor master funds with assets of more than EUR 600 ml and capital commitments from pension funds, insurance companies and other institutional investors amounting to EUR 3.5 bn.
Acb is a provider of accounting services in the real estate area and currently administers assets worth around EUR 7.5 bn for real estate fund managers.
