Global investment manager Schroders has bought Munich-based Blue Asset Management, which specialises in alternative assets in Germany, Austria and Switzerland, for €1.2 bn.
The acquisition will bring Blue's €1.2 bn of assets under management under Schroders' wing, as well as the 20 employees including founding managing directors Dr Artus Pourroy, Dr Thomas Wiegelmann and Tina Lurtsch.
Blue's portfolio of office, retail and residential assets will strengthen Schroders' private asset capabilities and give it a stronger presence in the German-speaking markets. Schroders' global AUM has increased to €17 bn as a result of the deal, including €4 bn in the three countries where Blue is active.
Duncam Owen, global head of Schroder Real Estate, said: 'This acquisition provides us with a strong team of real estate professionals and an additional office in Germany, which is the largest real estate investment market in continental Europe.
'The strengthened footprint across Germany, Austria and Switzerland will complement our existing teams across Europe and our wider global real estate platform. This expanded team will help us support the active management of new investments and existing funds for clients.'
Philipp Ellebracht, co-head of Schroder Real Estate Germany, added: 'With a new office in Munich we can now leverage the broader German speaking investment markets. With €4 billion of assets under management on behalf of our clients and a team of over 40 people in Germany, Austria and Switzerland, we are well positioned to continue to grow our platform.'
Dr Artus Pourroy, managing director of Blue Asset Management, said: 'We are excited about joining Schroders and its Real Estate business. We have very similar cultures, particularly our focus on outstanding client service and delivering a strong investment track record.'
